The aggregate production function is an equation that shows the relationship between ________ and ________
A) the inputs employed by firms; the maximum output firms can produce with those inputs
B) the inputs employed by an individual firm in an economy; the average of the inputs employed by all firms in an economy
C) the output produced by an individual firm in an economy; the average of the output produced by all firms in an economy
D) the average level of capital used in production in an economy; the average level of labor used in production in an economy
A
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Describe some of the advantages and disadvantages of each of the following schools: linear stages, structural change, dependence and neoclassical
What will be an ideal response?
Using the concentration ratio to measure the degree of competition
A) may understate the degree of competition because it ignores imported goods. B) may overstate the degree of competition because it ignores imported goods. C) may overstate the degree of competition because inter-industry competition is ignored. D) may understate the degree of competition because market share changes annually.