The firm's production function is the relationship between the ...

[dejastew]

The firm's production function is the relationship between the ________ and ________.
 
  A) output produced; the quantities of all inputs
  B) maximum output attainable; the quantity of variable inputs
  C) possible range of maximum output; the quantity of variable inputs
  D) maximum output attainable; the quantities of both labor and capital

Question 2

The above figure shows the market for labor. The employer is a monopsony. At the equilibrium level of employment, which of the following is CORRECT?
 
  A) MCL = VMP
  B) VMP > W
  C) W < MCL
  D) All of the above are correct.

[bpool94]

Answer to Question 1

D

Answer to Question 2

D

[dejastew]

Thanks for the timely response, appreciate it

[aruss1303]

Gracias!