What will happen to a typical isoquant if robots become increasingly good at doing manual and mental labor?
A. Isoquants will become much flatter.
B. Isoquants will become much steeper.
C. Isoquants will not change but movement will occur upward on the curve.
D. Isoquants will become a negatively sloped straight line.
Answer: A
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The entry of new firms into an industry lowers the economic profit of the existing firms
a. True b. False Indicate whether the statement is true or false
If the Fed raises the discount rate, what will be the effect on the money supply?
a. It will decrease the money supply. b. It will increase the money supply. c. No change in the money supply. d. Not enough data to give an answer.
Adam Smith used a famous example of what type of firm to illustrate economies of scale?
a. Apple b. a pin factory c. a lumber mill d. a British university
Total output may continue to rise even though marginal physical product is negative.
Answer the following statement true (T) or false (F)