Policies Designed to Encourage the Growth of Minority- or Women-Owned

question 23

Multiple Choice

Policies designed to encourage the growth of minority- or women-owned businesses as well as small businesses are examples of _____ policies that influence government purchasing.

• A) Social objective
• B) Environmental objective
• C) Economic objective
• D) Business objective
• E) Protectionist

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Definitions:

Supply Function

A mathematical expression that shows the relationship between the quantity of a good or service that producers are willing to sell and the price of the good or service.

Factor Price

The price of inputs used in the production of goods and services, such as labor wages or the cost of raw materials.

Production Function

An equation outlining how inputs translate into the output for an organization, a specific industry, or the economy at large for all potential input pairings.

Supply Function

A mathematical equation that describes the quantity of a good that producers are willing to sell at different prices.