If a firm experiences positive technological change, it is able to produce more output using the same inputs
Indicate whether the statement is true or false
TRUE
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Which of the following statements is true about supply?
A. As price decreases, producers are willing and able to put more of the good on the market for sale. B. Supply refers to the amount of inventory that sellers have in their warehouses. C. As price increases, producers are willing and able to put more of the good on the market for sale. D. There is an inverse relationship between price and quantity supplied.
For Figure 6.9 in the book, MRTS = K/(4L) with capital (K) on the vertical axis of the isoquant map. Suppose L=100 hours and K=400 machine hours at the current level of output
How much additional labor is required to maintain output if we reduce capital by one machine hour? A) One hour B) Two hours C) Three hours D) Four hours
The term to describe one currency in terms of another is called
a. The interest rates b. The market price c. The inflation rate d. The exchange rate
Oligopolists seldom change prices, because they don't like change
a. True b. False Indicate whether the statement is true or false