A firm uses two factors of production. Irrespective of how much of each factor is used, both factors always have positive marginal products which imply that
A) isoquants are relevant only in the long run
B) isoquants have negative slope
C) isoquants are convex
D) isoquants can become vertical or horizontal
E) none of the above
B
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According to your text, which group or organization makes choices?
A) Al Qaeda B) New York City C) The Microsoft Corporation D) The Iraqi Government E) None of the above.
Asymmetric information can cause a market to go out of existence
Indicate whether the statement is true or false
Which of the following is TRUE?
a. To reduce cannibalization among products, reposition a product so that it does not directly compete with the other b. After acquiring a substitute product, lower prices on both the products c. After acquiring a complementary product, raise prices on both the products d. None of the above
Currently, college graduates are earning about ____ more than high school grads over the course of their careers
a. $100,000 b. $1,000,000 c. 25% d. 60%