Which of the following would cause the price elasticity of demand for a variable input to be greater?
A) the smaller the price elasticity of demand for the final product
B) the longer the time period being considered
C) the smaller the proportion of total costs accounted for by the variable input
D) the harder it is for a variable input to be substituted for by other inputs
Answer: B
Economics
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What will be an ideal response?
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If marginal productivity is increasing, then total product is
A) increasing at an increasing speed. B) increasing at a constant speed. C) increasing at a decreasing speed. D) decreasing at an increasing speed.
Economics