In a production function Y = F(L, K,N,E,T) Y is ?
Correct answer: A. national product
- A. national product
- B. capital
- C. natural resources
- D. prevailing technology
Explanation
In a production function, Y denotes output, which at the national level may be called national product. L, K, N and E represent inputs such as labour, capital, natural resources and entrepreneurship, while T represents technology.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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