If the price of an output increases, ceteris paribus:
A) producers will substitute into the production of that good
B) producers will substitute out of the production of that good
C) there will be no change
D) not enough information to answer
Correct Answer:
Verified
Q33: If all resources are used to produce
Q34: If all resources are used to produce
Q35: Productive efficiency is found:
A) on PPF
B) on
Q36: Technological change in the good located on
Q37: Technological change in agriculture is a result
Q39: The MRPS is:
A) the rate at that
Q40: In equilibrium:
A) MRPS = slope of isorevenue
Q41: The MRPS is equal to:
A) ΔY2/ΔY1
B) ΔX2/ΔX1
C)
Q42: The isorevenue line is:
A) a line depicting
Q43: An isorevenue line is:
A) convex to the
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