Multiple Choice
The Marginal Rate of Technical Substitution refers to:
A) the rate of exchange between inputs, holding output constant.
B) the process of developing technical innovations.
C) the rate of exchange between goods, holding utility constant.
D) the process of adopting technical innovations.
Correct Answer:
Verified
Correct Answer:
Verified
Q32: Increasing returns to scale are said to
Q33: If the MRTS is constant:<br>A)the inputs are
Q34: A manufacturing firm uses only capital (K)and
Q35: If a firm's cost functions fit the
Q36: Holding output constant, the MRTS is:<br>A)the ratio
Q38: If MPL/w<sub>L </sub>> MPK/w<sub>K</sub><sub>, </sub>then the firm
Q39: If a firm is producing at minimum
Q40: An input is said to be an
Q41: If doubling all inputs less than doubles
Q42: Cost minimization requires:<br>A)that firms produce above the