The marginal rate of technical substitution always equals
A) the slope of the total product curve.
B) the ratio of the marginal products of inputs.
C) the change in output due to a change in the amount of one input.
D) the distance between two isoquants.
B
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Which of the following is not equal to the others in equilibrium?
A) the real wage B) the marginal rate of substitution between leisure and consumption C) the marginal product of labor D) the price of consumption
Recall the Application about the impact inflation has on your potential future salary and the repayment of student loans to answer the following question(s).According to this Application, if you earn a salary of $40,000 in the first year and all prices (including your salary) triple in the next 10 years, what will your nominal annual salary be in 10 years?
A. $20,000 B. $60,000 C. $120,000 D. $180,000