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Author Question: A firm used to produce a product using three units of labor and one unit of capital. The firm ... (Read 125 times)

mia

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Question 1

Thinking up a new idea is an example of


◦ an invention.
◦ an innovation.
◦ human capital accumulation.
◦ social overhead capital.

Question 2

A firm used to produce a product using three units of labor and one unit of capital. The firm discovers that it can produce more output at a lower cost if it combines two units of labor with two units of capital. This is an example of


◦ an innovation.
◦ an invention.
◦ increasing returns.
◦ economic growth.


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Marked as best answer by mia on Apr 19, 2019

nyrave

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mia

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Reply 2 on: Apr 19, 2019
Wow, this really help


amandanbreshears

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Reply 3 on: Yesterday
Excellent

 

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