An isoquant represents levels of capital and labor that
A) have constant marginal productivity.
B) yield the same level of output.
C) incur the same total cost.
D) All of the above.
B
Economics
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We assume flexible prices in the long run, but whenever it is costly to change prices (menu costs) or when there are long-term contracts for labor or capital:
a. short-run prices tend to be flexible. b. short-run prices tend to be sticky. c. long-run prices tend to be sticky. d. firms have to pay higher costs and therefore have to raise prices.
Economics
A tractor used to prepare land for planting is called
A) land. B) labor. C) physical capital. D) human capital.
Economics