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 which a firm is able to increase its output by replacing labour with technology.
Correct Answer:
Verified
Correct Answer:
Verified
Q55: Average fixed costs of production<br>A)remain constant.<br>B)will rise
Q76: If, when a firm doubles all its
Q92: Which of the following statements is false?<br>A)Marginal
Q154: If a firm experiences diminishing returns its
Q157: The basic activity of a firm is<br>A)to
Q179: Figure 7.6 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB1015/.jpg" alt="Figure 7.6
Q201: Diseconomies of scale occur when<br>A) long-run average
Q204: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4183/.jpg" alt=" -Refer to Figure
Q211: Economies of scale occur when<br>A) a firm's
Q278: What is an isocost line? What is