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Microeconomics: Short-run Production Function

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Microeconomics: Short-run Production Function

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Questions and Answers

What does a short-run production function assume about inputs?

all inputs are variable

at least one input is fixed (correct)

at least one input is variable

the level of output is fixed

Which of the following is an assumption of a short-run production function?

all inputs are fixed

at least one input is variable

the level of output is variable

at least one input is fixed (correct)

What is true about a short-run production function?

at least one input is variable

all inputs can be varied

the level of output is fixed

at least one input is fixed (correct)

In a short-run production function, which input is assumed to be fixed?

at least one input Signup and view all the answers

What is a characteristic of a short-run production function?

at least one input is fixed Signup and view all the answers

What assumption is made about the usage of certain inputs in a short-run production function?

at least one input is fixed Signup and view all the answers

Which input is assumed to be fixed in a short-run production function?

at least one input Signup and view all the answers

What is a key characteristic of a short-run production function?

at least one input is fixed Signup and view all the answers

What assumption is made about the production period in a short-run production function?

the firm has a fixed amount of time to make adjustments Signup and view all the answers

What is assumed to be fixed in a short-run production function?

at least one input Signup and view all the answers

Study Notes

Short-Run Production Function

A short-run production function assumes that at least one input is fixed.
This means that the level of output is not fixed, but rather variable.
All inputs are not fixed, only at least one input is fixed.
This is in contrast to a long-run production function, where all inputs can be varied.

Short-Run Production Function

A short-run production function assumes that at least one input is fixed.
This means that the level of output is not fixed, but rather variable.
All inputs are not fixed, only at least one input is fixed.
This is in contrast to a long-run production function, where all inputs can be varied.

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Description

This quiz assesses your understanding of the short-run production function in microeconomics, specifically the assumptions made about inputs and outputs.