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Author Question: The production function shows: a. the total cost incurred to produce a certain level of output. b. ... (Read 92 times)

tichca

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on: Jun 30, 2018
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


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pocatato

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Reply #1 on: Jun 30, 2018
Answer to Question 1

C

Answer to Question 2

True


tichca

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Reply 2 on: Jun 30, 2018
Great answer, keep it coming :)

xiaomengxian

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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