When an isocost line is just tangent to an isoquant, we know that
A) output is being produced at minimum cost.
B) output is not being produced at minimum cost.
C) the two products are being produced at the least input cost to the firm.
D) the two products are being produced at the highest input cost to the firm.
A
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Human capital theory suggests that everyone's income reflects individual choices about investments in education and training
Indicate whether the statement is true or false
Using the above figure, at which price is there neither excess quantity demanded nor excess quantity supplied?
A) P1 B) P2 C) P3 D) none of these
Which of the following observations is true of nontransaction deposits?
a. depositor can use them directly as a means of payment b. they do not pay any interest c. depositor cannot directly write checks against them d. they generally pay lower interest rates than transaction deposits
Rising labor productivity means that less labor is needed to produce the same level of output
a. True b. False Indicate whether the statement is true or false