Equilibrium is:
A) ceteris paribus
B) sanity; balance
C) a point where there is no tendency to change
D) does not change when relative prices change
Correct Answer:
Verified
Q42: An isoquant cannot:
A) be upward-sloping
B) be downward-sloping
C)
Q43: The choice of techniques depends on:
A) managerial
Q44: Ag policy in the US has subsidized
Q45: MRTS is equal to:
A) ΔX2/ΔX1
B) Δ1/ΔX2
C) ΔY/ΔX
D)
Q46: The isocost line:
A) is another name for
Q48: If the price of land increases, ceteris
Q49: Labor-intensive production techniques are most likely to
Q50: Capital-intensive production techniques are most likely to
Q51: Sugar (=X1, in oz) and flour (=X2,
Q52: Define and explain what an isoquant is.
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