If there is a change in the ability of a firm to produce a given level of output with a given level of inputs, we say there is
A) an increase in labor productivity.
B) a movement along a given per-worker production function.
C) technological change.
D) human capital investment.
C
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Railroad construction in the late 19th century:
a. added little to economic fluctuations. b. strongly influenced capital formation. c. caused the three major financial crisis of that era. d. All of the above are correct. e. Only b and c are correct.
Answer the following questions true (T) or false (F)
1. If a monopolist's price is $50 and average total cost is $43, then the average profit is $7. 2. If a monopolist's marginal revenue is $15 per unit and its marginal cost is $25, then to maximize profit the firm should decrease output. 3. In the short run, even if a monopoly's total revenue does not cover its variable costs, it should continue to produce because ultimately in the long run, the monopoly will start earning profits.