Multiple Choice
The marginal rate of technical substitution in production is analogous to the marginal rate of substitution for the consumer's optimization problem in that
A) the slope of the consumer's indifference curve is the opposite of the ratios of the marginal utilities of the two goods, whereas the slope of the production isoquant is the opposite of the ratio of the marginal product of labor relative to the marginal product of capital.
B) the slope of the consumer's indifference curve is equal to the ratio of the marginal utilities of the two goods, whereas the slope of the production isoquant is the opposite of the ratio of the marginal product of labor relative to the marginal product of capital.
C) the slope is equal in both instances.
D) they are calculated by subtracting the price ratio from the output level.
Correct Answer:

Verified
Correct Answer:
Verified
Q72: <span class="ql-formula" data-value="\begin{array}{ll}\hline \mathrm{L} & \mathrm{Q} \\\hline
Q73: Suppose the production function can be
Q74: The marginal rate of technical substitution of
Q75: The slope of the isoquant can be
Q76: Given the production function <span
Q78: When isoquants are convex to the origin,:<br>A)the
Q79: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8502/.jpg" alt=" -When labor equals
Q80: The law of diminishing marginal returns states
Q81: The marginal rate of technical substitution in
Q82: Consider comparing the relationship between marginal