Multiple Choice
Suppose the production function for a certain device is q = L + K.If a labor-saving technical change has occurred,which of the following could be the new production function?
A) q = L + 5K
B) q = 5 ∗ (L + K)
C) q = 5L + K
D) All of the above are possible.
Correct Answer:
Verified
Correct Answer:
Verified
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