The _________________ is a relationship between inputs and output that identifies the maximum output which can be produced per time period by each specific combination of inputs.

A trigger strategy can be used in

A) a single-play game or a repeated game. B) a single-play game but not a repeated game. C) a repeated game but not a single-play game. D) neither a single-play game nor a repeated game.

Suppose the production of paved roadways can be represented as q = L0.5 + K0.5. Which of the following statements is (are) TRUE?

A) Labor is subject to diminishing marginal productivity in the short run. B) Labor and capital are imperfect substitutes. C) The isoquants for paved roadways are convex. D) All of the above.