The rate of product transformation (RPT) measures the ability of:
a. a consumer to trade one good for another while still maximizing his or her utility.
b. a firm to substitute one input for another and still maintain the same production level.
c. society to substitute the production of one good for another while still using a fixed supply of inputs efficiently.
d. a firm to produce a final good while starting with only natural resources.
c
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Answer the next question based on the following demand and cost data for a specific firm.Demand DataCost Data(1) Price(2) Price(3) QuantityTotal OutputTotal Cost$50$3522$4545303355402544703520559030156611525107714520588180In the long run, the number of firms in this monopolistic competitive industry will most likely
A. stay the same. B. decrease. C. increase. D. cannot be determined from the given data.
Which of the following is an accurate statement about the Great Depression?
(A) It was a recession that became a depression because of World War II. (B) It was the most severe economic downturn in the history of industrial capitalism. (C) It was set off because of a sharp and unexpected rise in interest rates. (D) Its effects and duration would have been even worse if it weren't for a strong economy in Japan and Europe at the time.
Inefficient use of resources is shown on the production possibilities curve
A. by an inward shifting of the curve. B. by a point inside the curve. C. by a point outside the curve. D. by a point near the top of the curve.
Which of the following statements is false?
A) Regardless of the commodity, the farmer always receives 20 cents of the dollar spent in food. B) The Latin phrase ceteris paribus means everything else the same or holding all other factors constant. C) The rational consumer maximizes satisfaction subject to a budget constraint. D) Agricultural economics is an applied social science.