Suppose Q = KaLb, if a + b > 1 the isoquants will be
a. upward sloping.
b. progressively closer together at higher quantities.
c. progressively further apart at higher quantities.
d. equally spaced.
b
Economics
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How are potential GDP, full employment and the LAS curve related?
What will be an ideal response?
Economics
An income tax system where higher tax rates are applied to increased amounts of income is called:
A) a regressive tax system. B) a proportional tax system. C) a progressive tax system. D) a flat rate tax system.
Economics