Which is a typical property of the production function?
A. constant returns to scale
B. the MPL increases as capital input increases
C. the MPK increases as the labor input increases
D. all of the above
Answer: D. all of the above
Economics
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According to your text, there are substitutes for any scarce good,
A) but some demand curves are vertical. B) but the elasticity of demand for most goods is zero. C) but the law of demand only holds for inexpensive goods. D) but it often takes time for consumers to seek out useful substitutes.
Economics
Which of the following pairs of variables are likely to be positively correlated?
A) Income and consumption B) Price and consumption C) Education and unemployment D) Availability of health care and death rate
Economics