Suppose firm X implements a new method for extracting copper from copper-bearing ore. This is an example of:
A. product innovation.
B. process innovation.
C. economics of scale.
D. the inverted-U theory.
Answer: B
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Refer to the figure above. What does the slope of the aggregate production function imply?
A) Decreasing returns to scale B) Diminishing marginal product of capital C) Diminishing marginal product of labor D) Increasing returns to scale
Behavioral economics
a. is a subfield of psychology that has partially replaced traditional economic analysis b. is a subfield of economics that explains how people behavior c. is a subfield of economics that incorporates insights from psychology and sociology d. provides support for the traditional economic theory of rational utility maximization e. predicts that demand curves slope upward
The demand for labor is a derived demand
a. True b. False Indicate whether the statement is true or false
Scientists are interested in finding out when their theories are wrong, as well as when their theories are right
Indicate whether the statement is true or false