Technological advance is a three-step process involving:
A. invention, duplication, and diffusion.
B. duplication, innovation, and diversity.
C. invention, innovation, and diffusion.
D. necessity, invention, and solution.
Answer: C
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Economists reason that the optimal decision is to continue any activity up to the point where the
A) marginal benefit equals the marginal cost. B) marginal cost is zero. C) marginal benefit is greater than the marginal cost. D) marginal benefit is zero.
A perfectly competitive firm's demand curve for labor is not
a. a horizontal line at the market wage rate b. its marginal revenue product curve of labor c. the willingness of the firm to buy various quantities of labor at different wage rates d. unrelated to the supply curve of labor facing the firm e. the marginal physical product curve of labor multiplied by the price of the good
Answer the following statement true (T) or false (F)
1) A linear demand curve has a constant elasticity over the full range of the curve. 2) The greater the ease of shifting resources from product X to product Y in the production process, the greater is the elasticity of supply of product Y. 3) If the elasticity coefficient of supply is 0.7, supply is elastic. 4) Antiques tend to have highly inelastic supply curves.
Slope of a linear PPF is constant between any two points
What will be an ideal response?