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Author Question: The firm's production function is the relationship between the ________ and ________. A) output ... (Read 109 times)

dejastew

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on: Jun 29, 2018
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.


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bpool94

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Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

D


dejastew

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Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

sultansheikh

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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