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.
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