If a firm is operating on the production function, then workers A. must be putting forth maximal effort. B. may not be putting forth maximal effort. C. are usually putting forth average effort. D. are usually putting forth minimal effort.

If a firm is operating on the production function, then workers A. must be putting forth maximal effort. B. may not be putting forth maximal effort. C. are usually putting forth average effort. D. are usually putting forth minimal effort.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Factors of Production

Factors of production – in simple words means the factors that are used for producing any product or service. This includes the resources which are necessary for the manufacturing of products. Factors of production are also known as the building blocks of the economy.

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If a firm is operating on the production function, then workers
A. must be putting forth maximal effort.
B. may not be putting forth maximal effort.
C. are usually putting forth average effort.
D. are usually putting forth minimal effort.

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