Multiple Choice
The massive substitution of capital for labor in US agriculture since World War II is due to:
A) electrification of rural areas
B) relative prices
C) marginal decision making
D) an overreliance on technology in production agriculture
Correct Answer:
Verified
Correct Answer:
Verified
Q46: The cost minimizing combination of inputs can
Q47: If the price of land increases, ceteris
Q48: Isoquants increase in the level of output:<br>A)
Q49: A typical isoquant is:<br>A) convex to the
Q50: An isoquant cannot:<br>A) be upward-sloping<br>B) be downward-sloping<br>C)
Q52: Labor-intensive production techniques are most likely to
Q53: To determine the profit-maximizing level of production
Q54: Define and explain what an isoquant is.
Q55: If an isoquant intersects an isocost line
Q56: In equilibrium:<br>A) the slope of the isoquant