Multiple Choice
Which of the following statements about the marginal rate of technical substitution is correct?
A) The MRTS is equal to the ratio of the marginal productivities of the inputs.
B) The MRTS is equal to the slope of the total product curve.
C) The MRTS is zero in the long run.
D) The MRTS is the rate at which one input can be substituted for the other in production while varying the level of output.
Correct Answer:
Verified
Correct Answer:
Verified
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