Consider the following production and cost schedule for a firm.The first column shows the number of units of a variable factor of production employed by the firm. TABLE 13- 3
-The demand for a factor will be less elastic
A) if there is a high degree of substitutability between factors.
B) if the demand for the good being produced is elastic.
C) the larger the extent of diminishing returns for the factor.
D) if marginal physical product decreases slowly as more of the factor is used.
E) if the supply of the factor is elastic.
Correct Answer:
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Q47: FIGURE 13- 4 The three diagrams below
Q48: The term "economic rent" refers to
A)transfer earnings
Q49: Consider the following production and cost
Q50: FIGURE 13- 4 The three diagrams below
Q51: Consider a small firm that is producing
Q53: FIGURE 13- 4 The three diagrams below
Q54: FIGURE 13- 3 The demand and supply
Q55: In a competitive labour market,an increase in
Q56: A temporary factor- price differential is one
Q57: Consider the following demand and supply curves
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