A change in technology that shifts the firm's total product curve upward without changing the quantity of capital used
A) shifts the average total cost curve upward.
B) shifts the average total cost curve downward.
C) does not change the cost curves.
D) shifts the marginal cost curve upward.
B
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When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
How do unlimited and limited liability differ?
What will be an ideal response?
John Maynard Keynes argued that if many households decide at the same time to increase saving and reduce spending
A) the economy will benefit in the short run and benefit by an even greater amount in the long run. B) this will have a major negative impact on the economy in both the short run and in the long run. C) this may benefit the economy in the long run, but could be counterproductive in the short run. D) this may benefit the economy in the short run, but not in the long run.
Requiring cars in Los Angeles to reduce pollution by the same amount as cars in Topeka is inefficient
a. True b. False Indicate whether the statement is true or false