Which of the following goods will have the most elastic demand at any time?

When the marginal product equals the average product, the

A) average product curve is downward sloping. B) average product curve is upward sloping. C) marginal product is at its maximum. D) average product is at its maximum.

In a steady state

A) both consumption per worker and the capital—labor ratio are constant. B) consumption per worker is constant, but the capital—labor ratio can change. C) capital and labor, by definition, are inversely related to one another. D) consumption per worker can change, but the capital—labor ratio is constant.