The perfect substitution of two inputs implies that
A) two inputs can be substituted at a ratio of 1 to 1.
B) one input can be substituted for another up to some point.
C) two inputs can be substituted at some constant ratio.
D) one input can be substituted for another.
C
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Why do some firms practice price discrimination? Relate your answer to the common practice of public colleges charging lower tuition to in-state students and higher tuition to out-of-state students
What will be an ideal response?
In order to bring GDP and national income into accord,
a. add indirect business taxes to national income and we have GDP b. add depreciation of capital and indirect business taxes to GDP and we have national income c. subtract depreciation of capital from GDP and we have national income d. subtract depreciation of capital and proprietor's income from GDP and we have national income e. subtract depreciation of capital and indirect business taxes from GDP and we have national income