M/c question - Micro 21)For a firm, what does the production function represent? A. the relationship between quantity of output and total cost B. the relationship between implicit costs and explicit costs C. the relationship between quantity of inputs and quantity of output D. the relationship between quantity of inputs and total cost 20) In the long-run, what happens to inputs? A. Inputs that were fixed in the short run become variable B. Inputs that were variable in the short run will decrease C. Inputs that were variable in the short run will increase D. Inputs that were fixed in the short run remain fixed

Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter12: The Cost Of Production
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M/c question - Micro

21)For a firm, what does the production function represent?

  •  A. the relationship between quantity of output and total cost
  •  B. the relationship between implicit costs and explicit costs
  •  C. the relationship between quantity of inputs and quantity of output
  •  D. the relationship between quantity of inputs and total cost

20) In the long-run, what happens to inputs?

  •  A. Inputs that were fixed in the short run become variable
  •  B. Inputs that were variable in the short run will decrease
  •  C. Inputs that were variable in the short run will increase
  •  D. Inputs that were fixed in the short run remain fixed
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