A production function in which the inputs are perfectly substitutable would have isoquants that are
A) convex to the origin.
B) L-shaped.
C) linear.
D) concave to the origin.
C
Economics
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You love bananas. Due to a bad crop harvest, supply of bananas dropped in half. The price for bananas is expected to double in the near future. As a result,
a. your demand for banana will increase when the price doubles b. your demand for banana increases today. c. your demand for peanut butter decreases today d. it does not affect your demand as you love bananas
Economics
An amusement tax of $1 on every ticket sold to a concert is an example of a(n)
a. poll tax b. progressive tax c. unit tax d. income tax e. property tax
Economics