The Marginal Rate of Technical Substitution refers to:
A) the rate of exchange between inputs, holding output constant.
B) the process of developing technical innovations.
C) the rate of exchange between goods, holding utility constant.
D) the process of adopting technical innovations.
Correct Answer:
Verified
Q5: A feasible input bundle lies:
A)above or on
Q6: Long run total costs are always:
A)a function
Q7: Holding output constant, the MRTS is:
A)the ratio
Q8: When returns to scale are decreasing, long
Q9: The scale- elasticity of output measures:
A)the slope
Q11: An isocost line is defined as the
Q12: Fixed proportions production functions always have:
A)varying returns
Q13: If a firm is producing at minimum
Q14: The Marginal Rate of Technical Substitution diminishes
Q15: The cost function, TC(y), shows the:
A)linear pattern
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents