Multiple Choice
A firm's rate of technical substitution is represented graphically by
A) the slope of the line connecting the origin with the relevant point on the isoquant.
B) the negative of the slope of the line connecting the origin with the relevant point on the isoquant.
C) the slope of the isoquant at the relevant point.
D) the negative of the slope of the isoquant at the relevant point.
Correct Answer:
Verified
Correct Answer:
Verified
Q9: The marginal rate of technical substitution of
Q10: The marginal physical product of labor is
Q11: A firm is defined as<br>A)a president,some vice
Q12: If Q = K<sup>1/3</sup>L<sup>2 </sup>the MP<sub>L</sub> is<br>A)constant<br>B)diminishing<br>C)increasing
Q13: If Q = K<sup>1/3</sup>L<sup>2</sup> the MP<sub>K</sub> is<br>A)constant<br>B)diminishing<br>C)increasing
Q15: A technical innovation in the production of
Q16: The marginal physical product of labor is<br>A)the
Q17: If Q = K<sup>2</sup>L<sup>2</sup> the MP<sub>L</sub> is<br>A)constant<br>B)diminishing<br>C)increasing
Q18: If production is given by Q =
Q19: Graphically,the average productivity of labor would be