The technical relationship between input combination and maximum attainable output is called?
A. a production function B. an indifference curve C. an isocost D. an isoquant Correct Answer: Option A – a production function
The hoarding of goods is usually experienced when?
A. supply is greater than demand B. the market price above the equilibrium price C. demand is greater than supply D. excess demand is greater than excess supply Correct Answer: Option C – demand is greater than supply
In a car assembly plant; division of labour is demonstrated by?
A. assigning each worker to a specific activity B. assigning each worker a given number to produce C. increasing the daily output D. producing a specific model Correct Answer: Option A – assigning each worker to a specific...
An example of a long-run cost of a firm is?
A. fuel and maintenace cost B. the planned size of plant equipment C. the existing size of plant and equipment D. rent on buildings Correct Answer: Option D – rent on buildingsProducts
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