______ identifies all of the input combinations that efficiently produce a given amount of output.
A. A production function
B. An efficient production frontier
C. A production possibilities curve
D. An isoquant
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Refer to Figure 21.2. Which country has the more unequal distribution of income?
A) Urbania B) Ruratania C) They may have the same absolute income distribution although their relative income distribution is different. D) There is insufficient information to answer the question.
The vertical distance between the total variable cost curve and the total cost curve ________ as output increases; the vertical distance between the average variable cost curve and the average total cost curve ________ as output increases
A) decreases; remains the same B) is constant; becomes smaller C) increases; becomes smaller at first but then increases D) increases; remains the same