The slope of the production possibility frontier shows
a. the marginal rate of substitution between the two goods.
b. the relative marginal costs of the two goods.
c. the efficient combination of outputs possible using fixed amounts of input.
d. the relative marginal productivities of the two goods.
Question 2
Suppose two goods (X and Y ) are being produced efficiently and that the production of X is always more labor intensive than the production of Y. Production depends only on two factors (capital and labor); these may be smoothly substituted for each other. The total quantities of these inputs are fixed. An increase in the production of X and a decrease in the production of Y will
a. increase the capital-labor ratio in each firm.
b. decrease the capital-labor ratio in each firm.
c. leave the capital-labor ratio for each firm unchanged.
d. increase the capital-labor ratio in Y production and decrease the capital-labor ratio in X production.
The geomagnetic polarity time scale shows how Earth’s magnetic pole has changed through geologic tim
This chart shows the various lines of responsibility and how they differ in presidential and parliam
This photo shows a newborn baby minutes after birth.
Great Britain Production of Glass 1800s
Major U.S. Centers of Cattle, Corn, Wheat, and Soybean Production
Which of the following reactions correctly shows the transmutation of an element by neutron ...