Theory of Production Quiz

How much of each commodity a firm will produce and how much of each input it will use (correct)

How much a firm will charge for its outputs and inputs

How much profit a firm will make from its outputs and inputs

How much a firm will invest in new technologies for production

Creating utility by transforming input into output (correct)

Setting the prices of commodities and productive factors

Maximizing expenditure on inputs for any level of output

Minimizing output for any level of expenditure on inputs

The relationship between a firm's market share and its advertising expenditure

The relationship between a firm's profit and its investment in technology

The relationship between a firm's revenue and its production costs

The functional relationship between the quantity of a good produced and factors of production (correct)

<p>Relationship between the prices of commodities and the prices of the productive factors</p> Signup and view all the answers

<p>Maximize output for any level of expenditure on inputs</p> Signup and view all the answers