According to Robert Solow, the production function should be written as:
A. Y = F(K, L).
B. Y = F(K, L, A).
C. Y = F(K, A).
D. Y = F(A, L).
Answer: B
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A) the marginal physical product of labor. B) the diminished marginal product. C) the outside edge. D) total product.
Determining the price of compact discs is a concern of:
a. macroeconomics. b. microeconomics. c. both macroeconomics and microeconomics. d. neither macroeconomics nor microeconomics.
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A. labor cost increases. B. energy cost increases. C. raw material cost increases. D. consumer incomes increase.
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A. Monopoly. B. Oligopoly. C. Monopolistic competition. D. Perfect competition.