The price of leisure is the wage rate.
Answer the following statement true (T) or false (F)
True
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The marginal rate of technical substitution of labor for capital (MRTSLK) measures
a. the amount of capital that can replace a unit of labor without affecting the firm's output. b. the additional output attributable to a 1% increase in labor and capital usage. c. the rate at which the firm can exchange labor for capital in the input markets. d. the slope of the firm's expansion path.
During the summer months, many families go hiking, camping, and fishing at national parks. This is an example of
A. aggregate demand for the outdoors. B. the incentive to work hard, play hard. C. underground economic activity. D. the implicit value of leisure time.
Based on the above figure of the costs at Barney's Bagel Bakery, at which of the following levels of output does the marginal product of labor equal the average product of labor?
A) at 500 bagels B) at 2000 bagels C) at 3000 bagels D) None of the above because the marginal and average products of labor can never be equal.
Economies of scale exist when the long-run average-total-cost curve is positively sloped
a. True b. False Indicate whether the statement is true or false