Which of the following is NOT related to the slope of isoquants?
A) The fact that inputs have positive marginal product
B) The fact that inputs have diminishing marginal product
C) The fact that input prices are positive
D) The fact that more of either input increases output
E) The fact that there are diminishing returns to inputs
C
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A perfectly inelastic demand curve is
A) a horizontal straight line. B) a vertical straight line. C) a downward sloping straight line that intersects the horizontal axis at the origin. D) an upward sloping straight line that crosses the vertical axis.
Wages are sticky when:
What will be an ideal response?
Critics of supply-side economics argue that a major flaw is
A. the small magnitude of supply-side effects. B. the large size of demand-side effects. C. increased income inequality. D. all of the above
In a duopoly, if advertising only takes customers from rivals than attracting new customers, then
A) neither firm will advertise B) there is no dominant strategy C) the result is similar to the prisoners' dilemma D) only one firm will advertise