10 Questions
What does a short-run production function assume about inputs?
at least one input is fixed
Which of the following is an assumption of a short-run production function?
at least one input is fixed
What is true about a short-run production function?
at least one input is fixed
In a short-run production function, which input is assumed to be fixed?
at least one input
What is a characteristic of a short-run production function?
at least one input is fixed
What assumption is made about the usage of certain inputs in a short-run production function?
at least one input is fixed
Which input is assumed to be fixed in a short-run production function?
at least one input
What is a key characteristic of a short-run production function?
at least one input is fixed
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
What is assumed to be fixed in a short-run production function?
at least one input
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.
This quiz assesses your understanding of the short-run production function in microeconomics, specifically the assumptions made about inputs and outputs.
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