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i have 5 multiple choice questions here The following three kinds of technological change influence production and cost in the very long run: O A.
i have 5 multiple choice questions here
The following three kinds of technological change influence production and cost in the very long run: O A. larger K, more intensive use of land, and new products. O B. larger K, improved inputs, and new products. O C. new techniques, improved inputs, and new products. O D. new techniques, improved products, and larger K. O E. new techniques, substitution of L for K , and new products.The diagram to the right contains isocost lines A and B. If the price of capital is the same for both lines, then the difference between isocost line A and isocost line B is that O A. labour is more expensive along A. O B. labour is more expensive along B. B O C. the total cost is larger along A. O D. the level of output is lower along B. Capital O E. both capital and labour are cheaper along B. A LabourIf a firm's production technology exhibits increasing returns to scale for all levels of output, then the long-run average cost curve (LRAC) will be O A. downward sloping for all levels of output. O B. U-shaped. O C. upward sloping for all levels of output. O D. horizontal for all levels of output. O E. downward sloping for low levels of output and horizontal for high levels of output.If the shurtmn average total cost curve touches the long-run average cost curve at the minimum paint of the SRATC curve, the C} A. shortrun average cost curve is increasing. ID E. lungmu average cost curve is at a minimum. C} C. lungmu average cost curve is drawn incerrectlv. C} D. lungmu average cost curve is constant. ID E. rm is net minimizing costs. For the firm whose cost curves are shown at right, the minimum efficient scale is O A. about 160 units of production. O B. about 100 units of production. BRATC1 O C. between 20 and 100 units of production. SRATC2 LRAC O D. about 20 units of production. SRATCAL O E. the level of fixed cost corresponding to SRATC1 SRATC3 Cost per Unit 20 40 60 80 100 120 140 160 180 200 Output per PeriodStep by Step Solution
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