The rate of product transformation (RPT) measures the ability of:
a. a consumer to trade one good for another while still maximizing his or her utility.
b. a firm to substitute one input for another and still maintain the same production level.
c. society to substitute the production of one good for another while still using a fixed supply of inputs efficiently.
d. a firm to produce a final good while starting with only natural resources.
c
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In perfect competition, ________
A) there are restrictions on entry into the market B) firms in the market have advantages over firms that plan to enter the market C) only firms know their competitors' prices D) there are many firms that sell identical products
The table above shows Mary's utility from chips and soda. The table shows that Mary has diminishing marginal utility for
A) both chips and soda. B) neither chips nor soda. C) soda, but not chips. D) chips, but not soda.