Multiple Choice
The marginal rate of technical substitution is
A) the rate at which a firm is able to substitute one input for another, while keeping total cost constant.
B) the rate at which a firm is able to substitute one input for another, while keeping the level of output constant.
C) the rate at which a firm is able to institute positive technological changes to its production process.
D) the rate at whch a firm is able to increase its output by replacing labour with technology.
Correct Answer:
Verified
Correct Answer:
Verified
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