The output an economy can produce with one unit of capital and one unit of labor is ________
A) indicated by the A variable in the Cobb-Douglas production function
B) commonly referred to as labor productivity
C) a variable that depends on how many units of capital and labor are available
D) all of the above
E) none of the above
A
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List two reasons why a firm might experience diseconomies of scale
What will be an ideal response?
The cross-price elasticity of demand measures the
A) percentage change in the quantity demanded of one good in one location divided by the price of the same good in another location. B) absolute change in the quantity demanded of one good divided by the absolute change in the price of another good. C) percentage change in the quantity demanded of one good divided by the percentage change in the price of another good. D) percentage change in the price of one good divided by the percentage change in the quantity demanded of another good.