What is technological change?
What will be an ideal response?
Technological change is the introduction of new methods of production or new products intended to increase the productivity of existing inputs or to raise marginal products.
Economics
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Use the following statements to answer this question: I. The income-consumption curve for perfect complements is a straight line. II. The price-consumption curve for perfect complements is a straight line
A) I and II are true. B) I is true and II is false. C) II is true and I is false. D) I and II are false.
Economics
If the return on capital is less than the cost of capital
A) economic profits are zero. B) accounting profits are zero. C) then accounting profits minus economic profit are zero. D) economic profits are negative.
Economics