Rio Tinto's incentive to adopt new robotic technology was increased by the high wages it was having to pay to attract miners and truck drivers. In this instance, Rio Tinto began using new robotic technology to
A) substitute labor for capital in production.
B) add labor as a complementary resource for its capital.
C) add capital as a complementary resource for its labor.
D) substitute capital for labor in production.
D
Economics
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In a free market there are virtually no restrictions, or at best few restrictions, on how a good or service can be produced or sold
Indicate whether the statement is true or false
Economics
In the long run, an increase in aggregate demand: a. increases the price level and real output, but the effect on the price level is larger. b. increases the price level and real output, but the effect on output is larger
c. affects only real output. d. affects only the price level. e. affects neither the price level nor real output.
Economics