Technical progress will:
a. shift a firm's production function and its related cost curves.
b. not affect the production function, but may shift cost curves.
c. shift a firm's production function and alter its marginal revenue curve.
d. shift a firm's production function and cause more capital (and less labor) to be hired.
a
You might also like to view...
Which of the following is true of a current account surplus? a. A country that is running a current account surplus will have negative net exports
b. A current account surplus is consistent with domestic spending being in excess of domestic production. c. A current account surplus means that a country is also running a net surplus in its financial account. d. A country can have a current account surplus only if it exports more services as compared to goods. e. A country that is running a current account surplus buys more bonds from the rest of the world as compared to what it sells.
If a product constitutes a large portion of a consumer's income, demand will be more inelastic
a. True b. False Indicate whether the statement is true or false