The Leontief production function implies:
A. L-shaped isoquants.
B. convex-shaped isoquants.
C. straight-line isoquants.
D. A positive MRTS.
Answer: A
Economics
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As more or less inputs are used, the isocost line will shift ____ or _____ respectively
Fill in the blank(s) with the appropriate word(s).
Economics
Which of the following statements concerning the supply of labor is true?
a. The wage rate has no effect on the supply of labor. b. The labor supply curve is downward sloping. c. The supply of labor is determined by the prevailing wage rate. d. The typical labor supply curve is upward sloping.
Economics