Suppose that the technology used to manufacture laptops has improved. The likely result would be:
A. a decrease in supply of laptops.
B. a decrease in quantity supplied of laptops.
C. an increase in supply of laptops.
D. an increase in quantity supplied of laptops.
Answer: C
Economics
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The marginal product generated by an additional unit of input times the price of the output is called:
A. the value of the marginal product. B. the marginal revenue product. C. Both of these statements are true. D. Neither of these statements is true.
Economics
Indifference curves show the ________ of combinations of two products.
A. marginal utility B. secular utility C. total utility D. individual utility
Economics