The case of production with a single variable input is analogous to
a. changing the use of land, labor, and capital in production by a constant absolute amount.
b. a controlled laboratory experiment in which the scientist permits one variable to change at a time.
c. changing the use of land, labor, and capital in production by a constant percentage.
d. specialization in one particular product by a company.
b
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Saving time by driving faster is an example of a ________ of driving faster. Increasing the severity of injuries from a potential accident due to driving faster is a(n) ________ of driving faster
A) nominal cost; real cost B) normative benefit; opportunity cost C) marginal benefit; marginal cost D) marginal cost; nominal cost
According to this Application, the longer than usual harmattan has impacted the supply curve for cocoa pods, shifting the supply curve to the ________ due to a(n) ________ in cocoa yields
A) right; decrease B) left; decrease C) right; increase D) left; increase