A . Explain how a change in technology will affect labor productivity. b. Give an example of a change in technology that increased labor productivity
a . Technological progress will enhance labor productivity because it allows workers to produce more
goods in the same period of time.
b. Xerox machines and pages copied in an hour compared to typing and retyping copies.
Economics
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If diminishing returns exist, then
A. The total cost curve will be flat. B. The total cost curve will be negatively sloped. C. Each unit produced will cost incrementally less to produce. D. Each unit produced will cost incrementally more to produce.
Economics
As you move down the production possibility frontier, the absolute value of the marginal rate of transformation
A. increases. B. initially decreases, then increases. C. decreases. D. initially increases, then decreases.
Economics