Author Question: A firm is defined as a. a president, some vice presidents, and some employees. b. any organization ... (Read 39 times)

melly21297 · **on:** Jul 1, 2018

A firm is defined as
a. a president, some vice presidents, and some employees.
b. any organization that wants to make a profit.
c. any accumulation of productive assets.
d. any organization that turns inputs into outputs.

Question 2

In a two-input model you can tell that a non-optimal short-run production decision is being made if
a. all decisions in the short run are nonoptimal
b. the rate of technical substitution is equal to the ratio of the input prices
c. the rate of technical substitution is not equal to the ratio of the input prices