The steeper an isoquant is
A) the greater is the marginal product of labor relative to that of the marginal product of capital.
B) the greater is the substitutability between capital and labor.
C) the greater is the need to keep capital and labor in fixed proportions.
D) the greater is the level of output.
A
You might also like to view...
When Exxon Mobil reports record profits of more than $10 billion per quarter, we know
A) other oil companies must be struggling. B) consumers must be paying high prices at the pump. C) consumers must have lost $10 billion in surplus. D) all of the above. E) none of the above follow from the information given.
In the United States, the reserve requirement is set by the:
a. Bank of America. b. federal government. c. U.S. Treasury. d. Federal Reserve Board. e. Department of Commerce.
A profit-maximizing perfectly competitive firm must decide:
A. only on which industry to join, taking price and output as fixed. B. both what price to charge and how much to produce. C. only on how much to produce, taking price as fixed. D. only on what price to charge, taking output as fixed.
What's meant by the NAIRU (Natural Rate of Unemployment)?
A. It is the full-employment unemployment rate B. It is the unemployment rate at which there is only frictional and structural unemployment C. it is the unemployment rate at which the labor market has fully adjusted D. all of the above