« previous next »

Author Question: The marginal rate of technical substitution is A) the rate at which a firm is able to institute ... (Read 105 times)

tingc95

  • Hero Member
  • *****
  • Posts: 556
on: Jun 29, 2018
The marginal rate of technical substitution is
 
  A) the rate at which a firm is able to institute positive technological changes to its production process.
  B) the rate at which a firm is able to increase its output by replacing labor with technology.
  C) the rate at which a firm is able to substitute one input for another, while keeping the level of output constant.
  D) the rate at which a firm is able to substitute one input for another, while keeping total cost constant.

Question 2

Which of the following statements is true?
 
  A) Consumers will buy a product only if it meets a need not met by competing products.
  B) Consumers will buy a product only if its price is below that of its competitors.
  C) Sheer chance often plays a significant role in the success or failure of a business.
  D) Input prices are one of the success factors that firms can control.


dmurph1496

  • Sr. Member
  • ****
  • Posts: 343
Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

C


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

On average, the stomach produces 2 L of hydrochloric acid per day.

Did you know?

Interferon was scarce and expensive until 1980, when the interferon gene was inserted into bacteria using recombinant DNA technology, allowing for mass cultivation and purification from bacterial cultures.

Did you know?

ACTH levels are normally highest in the early morning (between 6 and 8 A.M.) and lowest in the evening (between 6 and 11 P.M.). Therefore, a doctor who suspects abnormal levels looks for low ACTH in the morning and high ACTH in the evening.

Did you know?

Amphetamine poisoning can cause intravascular coagulation, circulatory collapse, rhabdomyolysis, ischemic colitis, acute psychosis, hyperthermia, respiratory distress syndrome, and pericarditis.

Did you know?

The Centers for Disease Control and Prevention has released reports detailing the deaths of infants (younger than 1 year of age) who died after being given cold and cough medications. This underscores the importance of educating parents that children younger than 2 years of age should never be given over-the-counter cold and cough medications without consulting their physicians.

Static Stability & Environmental Lapse Rate Static Stability & Environmental Lapse Rate
Most drugs exhibit first-order elimination, in which the rate of drug elimination is equivalent to ... Most drugs exhibit first-order elimination, in which the rate of drug elimination is equivalent to ...
Firm handshake Firm handshake
If we make the substitution z=sqrt(x) to ∫sqrt(1-sqrt(x)) dx, the resulting integral is If we make the substitution z=sqrt(x) to ∫sqrt(1-sqrt(x)) dx, the resulting integral is
Consider the production function ( ) 0.5 0.5 Y = AK L . Suppose both saving rate (s) and the ... Consider the production function ( ) 0.5 0.5 Y = AK L . Suppose both saving rate (s) and the ...
Determine the nominal annual rate of interest of the following ordinary general annuity. Determine the nominal annual rate of interest of the following ordinary general annuity.
Video: Basic rhythm - control centers in medulla oblongata, spirograph and normal tidal cycle

For a complete list of videos, visit our video library