This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: The principle of substitution plays a central role in resource allocation because it demonstrates that (Read 95 times)

stananza

  • Full Member
  • ***
  • Posts: 162
on: Oct 12, 2022

Question 1

Movement from one point to another along an isocost line implies a change in
◦ the level of output, independent of what happens to factor combinations.
◦ factor combinations, holding expenditure constant.
◦ output levels, holding factor combinations constant.
◦ expenditure.
◦ factor prices.

Question 2

The principle of substitution plays a central role in resource allocation because it demonstrates that
◦ methods of producing the same commodity will not differ from one country to another.
◦ prices will be relatively low for those factors for which demand is high relative to supply.
◦ relative factor prices reflect relative scarcities of factors in the economy and so firms will find it profitable to make abundant use of relatively abundant factors.
◦ firms will find it profitable to make abundant use of relatively scarce factors.
◦ firms can use all factors of production interchangeably with no impact on their costs.
Microeconomics ¦ Ragan ¦ 17th Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by stananza on Oct 12, 2022

tharris7314

  • Full Member
  • ***
  • Posts: 153
Reply #1 on: Oct 12, 2022
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 29% of students answer this correctly


stananza

  • Member
  • Posts: 162
Reply 2 on: Oct 12, 2022
Gracias!

bassamabas

  • Member
  • Posts: 294
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

Immunoglobulin injections may give short-term protection against, or reduce severity of certain diseases. They help people who have an inherited problem making their own antibodies, or those who are having certain types of cancer treatments.

Did you know?

Always store hazardous household chemicals in their original containers out of reach of children. These include bleach, paint, strippers and products containing turpentine, garden chemicals, oven cleaners, fondue fuels, nail polish, and nail polish remover.

Did you know?

Adolescents often feel clumsy during puberty because during this time of development, their hands and feet grow faster than their arms and legs do. The body is therefore out of proportion. One out of five adolescents actually experiences growing pains during this period.

Did you know?

In 1835 it was discovered that a disease of silkworms known as muscardine could be transferred from one silkworm to another, and was caused by a fungus.

Did you know?

Patients who have undergone chemotherapy for the treatment of cancer often complain of a lack of mental focus; memory loss; and a general diminution in abilities such as multitasking, attention span, and general mental agility.

The central roles of ATP and NAD(P)H in metabolism The central roles of ATP and NAD(P)H in metabolism
The Role of Microglia as the Protector of Brain The Role of Microglia as the Protector of Brain
Proteins play an important role in keeping your skin healthy and your nails strong Proteins play an important role in keeping your skin healthy and your nails strong
Role of Factors of Production in Determining Growth, 1975–2009 Role of Factors of Production in Determining Growth, 1975–2009
A toddler demonstrates symbolic play A toddler demonstrates symbolic play
Gestalt Principle: Closure Gestalt Principle: Closure
Video: Bone Growth and Remodeling

For a complete list of videos, visit our video library