The marginal rate of technical substitution is
A) the rate at which a firm is able to institute positive technological changes to its production process.
B) the rate at which a firm is able to increase its output by replacing labor with technology.
C) the rate at which a firm is able to substitute one input for another, while keeping the level of output constant.
D) the rate at which a firm is able to substitute one input for another, while keeping total cost constant.
C
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In the figure above, the dark triangle is the
A) consumer surplus. B) deadweight loss. C) producer surplus. D) total cost. E) economic profit.
Refer to the scenario above. What is the present value of Option B?
A) $2,463.66 B) $3,267.99 C) $4,157.46 D) $5,800.79
A person 16 years or older who works part-time is officially classified as:
A. chronically unemployed. B. out of the labor force. C. employed. D. unemployed.
During World War II, the Fed accommodated the war effort by:
A. curtailing credit and keeping bond prices high. B. significantly curtailing credit in the economy. C. keeping bond prices high and interest rates low. D. selling any Treasury securities the public did not purchase.