Technical progress will
a. shift a firm's production function and its related cost curves.
b. not affect the production function, but may shift cost curves.
c. shift a firm's production function and alter its marginal revenue curve.
d. shift a firm's production function and cause more capital (and less labor) to be hired.
a
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If both the supply and demand curves shift simultaneously, we can always predict what will happen to
A) both the price and the quantity. B) either the price or the quantity, but not both. C) only the price. D) only the quantity. E) neither the price nor the quantity.
A requirement that the budget be balanced each and every year would prevent automatic stabilizers from working and would __________________ the severity of economic fluctuations.
a. worsen b. lessen c. prolong d. improve