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
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Economists
A) describe reducing tariffs and quotas as shallow integration. B) describe reducing tariffs and quotas as deep integration. C) believe that changing domestic policies affecting trade is a relatively simple process. D) believe that the work of reducing trade barriers is done since most tariffs are low and most quotas eliminated. E) believe the original motivation for nations forming domestic policies and regulations was to create trade barriers to foreign companies.
In an unregulated labor market, the wage adjusts to balance labor supply and labor demand
a. True b. False Indicate whether the statement is true or false