The firm's production function is the relationship between the ________ and ________
A) output produced; the quantities of all inputs
B) maximum output attainable; the quantity of variable inputs
C) possible range of maximum output; the quantity of variable inputs
D) maximum output attainable; the quantities of both labor and capital
D
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Which of the following will have a downward impact on efficiency wages?
a. Low monitoring costs b. Excess supply in the labor market c. High equilibrium wage rate d. Excess demand in the labor market
Suppose that a successful advertising and promotion campaign occurs for apples. Given this successful campaign, it is likely that:
A) The quantity of apples sold will fall and the price of apples will fall. B) The quantity of apples sold will fall and the price of apples will rise. C) The quantity of apples sold will rise and the price of apples will fall. D) The quantity of apples sold will rise and the price of apples will rise.