If inputs into production cannot be substituted for each other but have to be employed in fixed proportions isoquants are straight, downward-sloping lines
Indicate whether the statement is true or false
False. Isoquants are straight lines when inputs are perfect substitutes. When input relations are fixed they are right angles.
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If the costs of producing pizza increase, which will occur?
A) The supply of pizza will decrease. B) The demand curve for pizza will shift leftward when the price of a pizza increases. C) Pizza will cease to be produced and sold. D) The quantity of pizzas supplied will increase as sellers try to cover their costs. E) The demand curve for pizza will shift rightward when the price of a pizza increases.
A person who purchased a house with a small down payment just before an unanticipated inflation hits has ________ from the decision to be in debt, and has ________ by having an asset in the form of a house
A) benefited, benefited again B) benefited, been hurt C) been hurt, benefited D) been hurt, been hurt again