The Cobb-Douglas production function has which of the following properties?
a. output is a linear increasing function of each of the inputs
b. it provides a good fit to the traditional S-shaped production function
c. the elasticity of production is constant and equal to 1 minus the exponent of the appropriate variable
d. all of the above
e. none of the above
b
Economics
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A monopolist always produces on the elastic portion of the demand curve
a. True b. False Indicate whether the statement is true or false
Economics
When a binding price ceiling is imposed on a market, a. price no longer serves as a rationing device
b. the quantity supplied at the price ceiling exceeds the quantity that would have been supplied without the price ceiling. c. all potential buyers benefit. d. All of the above are correct.
Economics