« previous next »

Author Question: Isoquants reflect the fact that in the long run: a. inputs can be substituted for each other. b. a ... (Read 69 times)

krzymel

  • Hero Member
  • *****
  • Posts: 548
on: Jun 30, 2018
Isoquants reflect the fact that in the long run:
 a. inputs can be substituted for each other.
  b. a fixed set of inputs can produce different levels of output.
  c. inputs used in production are complementary in nature.
  d. different levels of input can be used to satisfy a budget constraint.

Question 2

Why is a perfectly competitive firm said to be a price taker?
 a. It produces such a good which is not produced by any other firm in the market.
  b. It faces a downward sloping market demand curve.
  c. The firm's individual production is insignificant relative to the production in the industry.
  d. There are no barriers to the entry of new firms in the industry.
  e. The firm's marginal-revenue curve is downward sloping.


dawsa925

  • Sr. Member
  • ****
  • Posts: 326
Reply #1 on: Jun 30, 2018
Answer to Question 1

A

Answer to Question 2

c


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

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.

Did you know?

During the twentieth century, a variant of the metric system was used in Russia and France in which the base unit of mass was the tonne. Instead of kilograms, this system used millitonnes (mt).

Did you know?

Vaccines prevent between 2.5 and 4 million deaths every year.

Did you know?

Giardia is one of the most common intestinal parasites worldwide, and infects up to 20% of the world population, mostly in poorer countries with inadequate sanitation. Infections are most common in children, though chronic Giardia is more common in adults.

Did you know?

Certain chemicals, after ingestion, can be converted by the body into cyanide. Most of these chemicals have been removed from the market, but some old nail polish remover, solvents, and plastics manufacturing solutions can contain these substances.

When young infants hold objects for a long period of time they eventually become habituated to them. When young infants hold objects for a long period of time they eventually become habituated to them.
As some groups do ethnic work, they produce a mythical long-lost heritage, as in this photo of ... As some groups do ethnic work, they produce a mythical long-lost heritage, as in this photo of ...
Brush off the back. Apply several long brushing strokes from head to hips to finish the session. Brush off the back. Apply several long brushing strokes from head to hips to finish the session.
Eye Fact Poster Eye Fact Poster
A wave whose wavelength is 0.500 m is traveling down a 500-m long wire whose total mass is 25 ... A wave whose wavelength is 0.500 m is traveling down a 500-m long wire whose total mass is 25 ...
Demographic transition model for changes in population growth rates and sizes, correlated with long- Demographic transition model for changes in population growth rates and sizes, correlated with long-
Video: Splitting of Sugar, Oxidation/ Reduction & ATP Generation

For a complete list of videos, visit our video library