Determining the optimal choice of input combinations generally does not involve
a. substitution of one input for another.
b. fixing the level of technology in the long run.
c. minimizing cost, given the prices of inputs.
d. assessing the productivity of various inputs.
b
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Specialization in production can occur based on geographic advantages.
Answer the following statement true (T) or false (F)
Graphically, the market demand curve is:
A. steeper than any individual demand curve that is part of it. B. greater than the sum of the individual demand curves. C. the horizontal sum of individual demand curves. D. the vertical sum of individual demand curves.
In developing countries, the highest returns are from investing in:
A. transportation systems. B. sanitation systems. C. education. D. defense.
Productive efficiency implies that
What will be an ideal response?