Author Question: When the total product curve is drawn in a figure that measures employment along the horizontal ... (Read 71 times)

Lobcity · **on:** Jun 29, 2018

When the total product curve is drawn in a figure that measures employment along the horizontal axis, it is a graph that shows the

A) minimum cost of producing a given amount of output using different techniques.
B) maximum profit attainable for each unit of output sold per unit of labor employed.
C) maximum output attainable for each quantity of labor employed.
D) minimum output attainable for each quantity of labor employed.

Question 2

The more substitutes available for a product, the

A) larger is its price elasticity of demand.
B) smaller is its income elasticity of demand.
C) smaller is its price elasticity of demand.
D) larger is its income elasticity of demand.