What is a production function?
A firm combines various inputs to produce its output. The production function is the relationship between these inputs and the output produced by the firm. It shows the maximum output that can be produced for every combination of inputs used.
You might also like to view...
Which of the following best describes what has happened to the U.S. labor supply and labor demand over the past 50 years?
a. Labor supply increased and labor demand decreased. b. Both labor supply and labor demand decreased. c. Labor supply did not change but labor demand increased. d. Both labor supply and labor demand increased. e. Labor supply increased but labor demand did not change.
The _______________ supports the contention that there are non-competing groups in the labor market.
A. living wage B. dual labor market theory C. backward-bending labor supply curve D. marginal revenue product