The productivity changes resulting from research and development would be best represented by:
A. an upward shift of a firm's production function.
B. a downward shift of a firm's production function.
C. the firm's isoquants shifting away from the origin.
D. a movement to the northeast along the firm's production function.
A. an upward shift of a firm's production function.
You might also like to view...
A normal production possibilities frontier has a
A. positive slope and is steeper near the horizontal axis than near the vertical axis. B. negative slope and is steeper near the horizontal axis than near the vertical axis. C. positive slope and is steeper near the vertical axis than near the horizontal axis. D. negative slope and is steeper near the vertical axis than near the horizontal axis. E. zero slope, and it does not touch the horizontal axis.
The marginal cost curve
A) shows the maximum price that a producer must receive to induce it to produce a unit of a good or service. B) shows the minimum price sellers must receive to produce a unit of a good or service. C) is the same as the demand curve. D) shows what buyers are willing to give up to get one more unit of a good or service.
Economists assume people are motivated by
A) unlimited resources. B) pride. C) self-interest. D) social justice.
Rising prices will discourage consumption and encourage conservation
a. True b. False Indicate whether the statement is true or false