Which of the Following Statements About a Production Function Is

question 410

Multiple Choice

Which of the following statements about a production function is correct for a firm that uses labor to produce output?

• A)The production function depicts the relationship between the quantity of labor and the quantity of output.
• B)The slope of the production function measures marginal product.
• C)The slopes of the production function and the total cost curve are inversely related; if one is increasing, the other is decreasing.
• D)All of the above are correct.

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Definitions:

Disclaimed

The act of renouncing a claim to or denying responsibility for something, often seen in legal disclaimers or warranties.

Type

A category or class that individuals or things can be grouped into based on shared characteristics or qualities.

Implied Warranty

A legal term for the unspoken and unwritten guarantees that the law assumes goods or services must meet.

Trade Custom

Established practices and patterns of behavior that are widely accepted within a particular industry.