Along the horizontal axis of the production function we typically measure
a. revenue.
b. the marginal product of the input.
c. the quantity of input.
d. the quantity of output.
c
Economics
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The long-run aggregate supply curve illustrates the
A) relationship of the price level and real GDP when the economy is at full employment. B) relationship of the price level and real GDP when the economy is at zero unemployment. C) amount of products producers offer at various prices when money wages and other resource prices are fixed. D) surpluses, shortages and equilibrium level of GDP.
Economics
Which of the following is a reason that marginal product will eventually begin to fall?
a. effective use of fixed inputs b. decrease in demand c. increased specialization d. limited amounts of fixed inputs
Economics