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The cost function is:
a. a means for expressing output as a function of cost
b. a schedule or mathematical relationship showing the total cost of producing various
quantities of output
c. similar to a profit and loss statement
d. incapable in being developed from statistical regression analysis
e. none of the above
Which of the following is never negative?
a. marginal product
b. average product
c. production elasticity
d. marginal rate of technical substitution
e. slope of the isocost lines
The primary difference(s) between the standard deviation and the coefficient of
variation as measures of risk are:
a. the coefficient of variation is easier to compute
b. the standard deviation is a measure of relative risk whereas the coefficient of
variation is a measure of absolute risk
c. the coefficient of variation is a measure of relative risk whereas the standard
deviation is a measure of absolute risk
d. the standard deviation is rarely used in practice whereas the coefficient of variation is
widely used
e. c and d
Producers' goods are:
a. consumers' goods
b. raw materials combined to produce consumer goods
c. durable goods used by consumers
d. always more expensive when used by corporations
e. none of the above
The antitrust laws regulate all of the following business decisions except ____.
a. collusion
b. mergers
c. monopolistic practices
d. price discrimination
e. wage levels
A monopoly will always produce less than a purely competitive industry, ceteris
paribus.
a. true
b. false
