Technical progress will
a. shift a firm's production function and its related cost curves.
b. not affect the production function, but may shift cost curves.
c. shift a firm's production function and alter its marginal revenue curve.
d. shift a firm's production function and cause more capital (and less labor) to be hired.
a
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A price setter is a firm that:
A. has some degree of control over its price. B. has the ability to set price at any level it wishes. C. attempts but fails to be perfectly competitive. D. faces perfectly inelastic demand.
Kate and Alice are small-town ready-mix concrete duopolists. The market demand function is Qd = 20,000 - 200P, where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year. Marginal cost is $80 per cubic yard. The Cournot model describes the competition in this market. How much does Kate produce in the Nash equilibrium?
A. 2,000 B. 1,333.33 C. 800 D. 4,000
Which statement about the structure of the Federal Reserve System is true?
a. It is made up of 12 separate banks spread around the country. b. It is a single bank located in New York. c. It is made up of 12 linked banks located in the eastern states. d. It is a single bank located in Washington D.C.
Offer a skeptical perspective on the long-term economics of the recent increase in trend rate productivity
Please provide the best answer for the statement.