Optimizing Decisions Are Simplifying Strategies or "Rules of Thumb" Used

question 119

True/False

Optimizing decisions are simplifying strategies or "rules of thumb" used to make decisions.

---

Definitions:

Output

The total amount of goods or services produced by a company, industry, or economy.

Production Function

An equation, table, or graph that indicates the maximum output a firm can produce with a given set of inputs, under certain technological constraints.

Returns To Scale

The rate at which production output increases in response to a proportional increase in all inputs (labor, capital, etc.).

Production Function

An equation that describes the relation between inputs used in production and the output resulting from their use.