For the given production function, technical inefficiency is defined as:

A. Sets of points relating production function that maximizes output given input (labor) i.e. Q = f(L, K)

B. Sets of points relating production function that produces less output than possible for a given set of input (labor) i.e. Q < f(L, K)

C. Use of imported technology

D. None of the above

Please do not use chat terms. Example: avoid using "grt" instead of "great".

You can do it
  1. If there are many producers, each of whom has an individual production possibility curve, then the lowest…
  2. According to Marginalists, the price of any commodity is determined by:
  3. For a few products such as insulin for diabetics,:
  4. In the case of a giffen good, the income effect:
  5. The costs faced by the firm against variable factors are:
  6. If the price of Pepsi Cola goes down, you would predict:
  7. The vertical demand curve for a commodity shows that its demand is:
  8. If Marginal Utility (MU) is zero, then total utility is:
  9. AR curve under perfect competition:
  10. The basic subject matter of economics is:
  11. Pure monopoly exists:
  12. On a straight line demand curve, elasticity of demand at the midpoint is:
  13. Total fixed costs are:
  14. In constant sum game (zero sum game), if there are two parties then:
  15. At low prices, demand is likely to be:
  16. Law of Substitution in production was presented by:
  17. In the case of two factor inputs which are neither perfectly complementary nor perfect substitutes,…
  18. Monopolistic firm can fix:
  19. In the long-run:
  20. In case of straight-line isoquant, the factors are not substituted because they are each others:
  21. Identify the author of The Social Framework:
  22. A normal profit is:
  23. On all points of budget (price) line:
  24. Of the following, which one is a characteristic of monopolistic competition?
  25. Consumer surplus is the difference between
  26. By scarcity the economist means that all goods are scarce relative the peoples:
  27. The MRTS along an iso-quant goes on to:
  28. In Nash Equilibrium:
  29. Compared to perfect competition, a monopolist will charge:
  30. If less is demanded at the same price or same quantity demanded at a lower price, it is a case of: