The marginal rate of technical substitution is equal to the
A) slope of the total product curve.
B) change in output minus the change in labor.
C) change in output divided by the change in labor.
D) ratio of the marginal products of the inputs.
D
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The price elasticity of demand for any particular perfectly competitive firm's output is
A) less than 1. B) 1. C) equal to zero. D) infinite.
Refer to the information provided in Table 2.2 below to answer the following question(s).Table 2.2?MollyPeteAvatar Design68Tattoo Design32Refer to Table 2.2. Which of the following statements is true?
A. Molly has a comparative advantage in both avatar design and tattoo design. B. Molly has a comparative advantage in avatar design and Pete has a comparative advantage in tattoo design. C. Pete has a comparative advantage in both avatar design and tattoo design. D. Pete has a comparative advantage in avatar design and Molly has a comparative advantage in tattoo design.