Answer the following questions true (T) or false (F)
1. The slope of the production possibilities curve is called the marginal rate of technical substitution.
2. The slope of an isoquant is called the marginal rate of product transformation.
3. The shape of the long run average cost curve is typically U-shaped in practice.
1. FALSE
2. TRUE
3. FALSE
Economics
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The elasticities approach and the absorption approach are theories of the balance of trade that emphasize trade in real goods and have little to say about the capital account
Indicate whether the statement is true or false
Economics
Characteristics shared by monopolistically competitive markets and perfectly competitive markets include: a. differentiated products. b. advertising
c. many sellers. d. brand identity.
Economics