The production function shows: a. the total cost incurred to ...

[tichca]

The production function shows:
 a. the total cost incurred to produce a certain level of output.
  b. the changes in cost incurred as output level varies.
  c. the relationship between inputs used and output produced.
  d. the impact of a change in production on the firm's revenues.

Question 2

The entry of new firms into an industry lowers the economic profit of the existing firms.
 a. True
  b. False
  Indicate whether the statement is true or false

[pocatato]

Answer to Question 1

C

Answer to Question 2

True

[tichca]

Excellent

[bdobbins]

Gracias!