More than 50 percent of all U.S. school children are bused to school

The production function is a relationship between the amount of labor employed and

A) the wage rate paid to the workers. B) the maximum quantity of real GDP that can be produced. C) the maximum quantity of nominal GDP that can be produced. D) the amount of labor workers supply. E) all other resources at different levels of employment.

Compared to the profit-maximizing outcome, average cost pricing in natural monopoly leads to

a. a higher price. b. decreased consumer surplus. c. the elimination of economic profit. d. less output.