If the price of land increases, ceteris paribus, producers will:
A) find substitutes for land, when possible
B) keep doing the same thing
C) use more land, since it is more valuable
D) use more land, since banks will extend more credit
Correct Answer:
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A) managerial
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Q45: MRTS is equal to:
A) ΔX2/ΔX1
B) Δ1/ΔX2
C) ΔY/ΔX
D)
Q46: The isocost line:
A) is another name for
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A) ceteris paribus
B) sanity; balance
C) a
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Q52: Define and explain what an isoquant is.
Q53: Define and explain what an isocost line
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