The term Production Function refers to the
A) use of machinery and equipment in production.
B) relationship between costs and output.
C) relationship between inputs and output.
D) role of labor unions.
C
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Greg spends his entire budget on two goods: he plays video games at the mall arcade and he buys pizza. He discovers that his MU/P of video games is lower than his MU/P of pizza. From this, we know that he would be:
A. as happy as possible, since he is already maximizing total utility. B. happier eating less pizza and playing more video games. C. happier eating more pizza and playing fewer video games. D. indifferent to which selection he makes.
Refer to the graph shown depicting a monopolistically competitive firm. The marginal revenue curve is represented by curve:
A. A. B. B. C. C. D. D.