- Home Page
- Interactive Labs
- Support Materials
Teacher resources and professional development across the curriculum
Teacher professional development and classroom resources across the curriculum
To explain the concept of the production function, and to describe how firms can minimize their costs of production by utilizing an optimal combination of inputs and scale of operation.
Which of the following statements is MOST accurate: The bulk of the nation’s productive capacity is controlled by...
just a few hundred of our largest firms.NEXT QUESTION
The assumption that firms generally attempt to maximize profits is...
pretty much true, though it’s an oversimplification.NEXT QUESTION
In economic terms, current technology sets limits on the...
total possible production achievable in a given time period.NEXT QUESTION
Studebaker Automobiles manufactured three styles of passenger cars and two models of trucks. During a given month in the life of Studebaker, which of the following would MOST LIKELY be classified as a fixed input?
This would be the input most difficult to change over a short period of time. The last option is a product, not an input.NEXT QUESTION
Whether an input is considered variable or fixed depends MAINLY on...
the length of time under consideration.NEXT QUESTION
If the marginal product of a man-year of labor is 50 units of output, and the price of labor is $2,500 per man-year, then the marginal product of a dollar’s worth of labor is...
.02 units of output.RESTART QUIZ