(Answered) Technological efficiency isA) a necessary and sufficient condition for profit maximization.B) a…

Technological efficiency isA) a necessary and sufficient condition for profit maximization.B) a sufficient but not necessary condition for profit maximization.C) a necessary but not sufficient condition for profit maximization.D) a theoretical construct with little connection to the real world.
A) a necessary and sufficient condition for profit maximization.
B) a sufficient but not necessary condition for profit maximization.
C) a necessary but not sufficient condition for profit maximization.
D) a theoretical construct with little connection to the real world.
Multiple Choice 10 points
A production function tells the firmA) the maximum it can expect to produce with a given mix of inputs.B) the average it can expect to produce with a given mix of inputs.C) the minimum it can expect to produce with a given mix of inputs.D) the average level of production for other firms in the industry.
A) the maximum it can expect to produce with a given mix of inputs.
B) the average it can expect to produce with a given mix of inputs.
C) the minimum it can expect to produce with a given mix of inputs.
D) the average level of production for other firms in the industry.
Multiple Choice 10 points
With respect to production, the short run is best defined as a time period.A) lasting about six months.B) lasting about two years.C) in which all inputs are foxed.D) in which at least one input is fixed.
A) lasting about six months.
B) lasting about two years.
C) in which all inputs are foxed.
D) in which at least one input is fixed.
4Multiple Choice 10 points
The Average Product of Labor isA) the change in total product resulting from an extra unit of labor, holding other factors constant.B) the ratio of output to the number of workers used to produce that output.C) the amount of output that can be produced by a given amount of labor.D) equal to the marginal product of labor when the average product is increasing:
A) the change in total product resulting from an extra unit of labor, holding other factors constant.
B) the ratio of output to the number of workers used to produce that output.
C) the amount of output that can be produced by a given amount of labor.
D) equal to the marginal product of labor when the average product is increasing.