Neutral technical progress allows a firm to
A) produce more output with the same inputs.
B) use less capital to produce more output.
C) use less labor to produce more output.
D) produce the same amount of output with the same inputs.
A
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The 1890 Sherman Antitrust Act makes it illegal for firms to:
a. raise prices in an attempt to increase profits. b. engage in tacit collusion. c. engage in price discrimination. d. behave together like a monopolist.
What are the various sources of demand and supply in the market for loanable funds?
When economists are critical of government regulations that prohibit free individuals from making certain kinds of contracts, for example, to purchase a good or service, they will usually invoke the concept of
A. marginal analysis. B. mutual gains from voluntary trade. C. inflation-unemployment trade-off. D. the need for abstraction. E. externalities.
Classical economists defended the economic concept of
A. market clearing. B. government intervention in the marketplace. C. prolonged recession and high rates of unemployment. D. Keynesian economists.