If we take the production function and hold the level of output constant, allowing the amounts of capital and labor to vary, the curve that is traced out is called:
A) the total product.
B) an isoquant.
C) the average product.
D) the marginal product.
E) none of the above
B
Economics
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“Economics cannot be scientific because it is based upon the value judgment that ‘more (output) is better’.” Do you agree?
Please provide the best answer for the statement.
Economics
Data on output and aggregate expenditure in Macroland are given below.Output(Y)Aggregate Expenditure2,0002,3003,0003,2004,0004,1005,0005,0006,0005,900Based on these data, the short-run equilibrium level of output is:
A. 3,200. B. 2,000. C. 5,000. D. 4,100.
Economics