The marginal rate of technical substitution is equal to:
A) the absolute value of the slope of an isoquant.
B) the ratio of the marginal products of the inputs.
C) the ratio of the prices of the inputs.
D) all of the above
E) A and B only
E
Economics
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A complete accounting of the costs of the tax system would not include _____
a. compliance costs b. legislative costs c. administrative costs d. political costs
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According to the law of demand, other things being equal
A) when the price a good goes up, then people buy more of that good. B) when the price a good goes up, then people buy less of that good. C) when people's income goes up, then they buy more of a good. D) when people's income goes up, then they buy less of a good.
Economics