terlay54) Which of the following statements is TRUE?A) In the short run, a firm cannot vary any of its inputs.B) In the long run, a firm cannot vary any of its inputs.C) In the long run, a firm can vary all its inputs.D) In the short run, a firm can vary all its inputs.55) A production function establishes the relationship betweenA) the market price of a good and the quantity of output suppliedB) the market price of a good and the sales revenue generatedC) the quantity of output produced and a firm's profitD) the quantity of inputs used and the quantity of output produced56) Specialization is the result ofA) increased demand for a firm's commodityB) workers developing a certain skill setC) paying higher wages to experienced workersD) hiring experienced workers57) The Law of Diminishing Returns states thatA) the demand for a good decreases as the price of the good increases, all other thingsremaining constantB) the net benefits of a perfectly competitive firm decrease as more firms enter the marketC) successive increases in inputs eventually lead to less additional output when one of theinputs is fixedD) successive increases in product prices lead to a fall in revenue

Since you have posted multiple independent McQs, according to the guidelines, only the first McQ is…

54) Which of the following statements is TRUE? A) In the short run, a firm cannot vary any of its inputs. B) In the long run, a firm cannot vary any of its inputs. C) In the long run, a firm can vary all its inputs. D) In the short run, a firm can vary all its inputs.

54) Which of the following statements is TRUE? A) In the short run, a firm cannot vary any of its inputs. B) In the long run, a firm cannot vary any of its inputs. C) In the long run, a firm can vary all its inputs. D) In the short run, a firm can vary all its inputs.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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