Let a Firm's Production Function Be the Production Function

question 8

Multiple Choice

Let a firm's production function be The production function then becomes Which of the following statements is true?

• A) Neutral technological progress has occurred.
• B) Labor-saving technological progress has occurred
• C) Capital-saving technological progress has occurred.
• D) Economies of scale have increased.

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Definitions:

Fraud

Willful misrepresentation aimed at obtaining an illicit or unearned gain, or to strip someone of their rightful legal privileges.

Negligence

A failure to behave with the level of care that someone of ordinary prudence would have exercised under the same circumstances, resulting in harm or damage.

Defenses

Legal strategies and arguments used in court to justify or excuse an individual's actions or to challenge the validity of a lawsuit.

Securities Act

A federal piece of legislation enacted in 1933 that regulates the offer and sale of securities to protect investors from fraud.