To model the input decisions for a production system, we plot labor on the horizontal axis and capital on the vertical axis. In the short run, labor is a variable input and capital is fixed
The short-run expansion path for this production system is: A) a vertical line.
B) a horizontal line.
C) equal to the 45-degree line from the origin.
D) not defined.
B
Economics
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What is the relationship between marginal cost and marginal revenue when a single-price monopoly maximizes profit?
What will be an ideal response?
Economics
When oil and energy prices rise, the economy tends to experience:
A. Natural inflation B. Demand-pull inflation C. Cost-push inflation D. Unanticipated inflation
Economics