Multiple Choice
A technical innovation in the production of automobiles by Ford Motor Company's for 1 million cars per year would necessarily
A) shift the "1 million car" isoquant away from the origin.
B) shift the "1 million car" isoquant toward the origin.
C) cause 1 million cars to be produced with more capital and less labor.
D) cause 1 million cars to be produced with more labor and less capital.
Correct Answer:
Verified
Correct Answer:
Verified
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
Q14: A firm's rate of technical substitution is
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
Q20: If Q = K<sup>1/2</sup>L<sup>1/2</sup> the MP<sub>L</sub> is<br>A)constant<br>B)increasing<br>C)diminishing