According to the Solow model, technological progress will cause output to increase for two reasons. What are these two reasons?
What will be an ideal response?
The increased efficiency which comes with technological progress will directly raise per capita output, and technological progress leads to additional capital deepening.
Economics
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The supply curve of labor to a monopsonist is
A) upward sloping. B) downward sloping because of the law of diminishing marginal returns. C) downward sloping, but not because of the law of diminishing marginal returns. D) horizontal.
Economics
If total utility increases from 10 to 15 for the second unit of a good consumed, the marginal utility of the second unit is 5
a. True b. False Indicate whether the statement is true or false
Economics