Multiple Choice
If the price of land increases, ceteris paribus, producers will:
A) find substitutes for land, when possible
B) keep doing the same thing
C) use more land, since it is more valuable
D) use more land, since banks will extend more credit
Correct Answer:
Verified
Correct Answer:
Verified
Q42: Flour (=X<sub>1</sub>, in lbs) and sugar (=X<sub>2</sub>,
Q43: Use graphical analysis to demonstrate the impact
Q44: Agricultural firms will adjust the level of
Q45: The marginal rate of technical substitution between
Q46: The cost minimizing combination of inputs can
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)
Q51: The massive substitution of capital for labor
Q52: Labor-intensive production techniques are most likely to