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Technological Progress (Invention) can be defined as:

A. Technological progress shifts the production function by allowing the firm to achieve more output from a given combination of inputs (or the same output with fewer inputs)

B. Technological progress shifts the production function by allowing the firm to achieve less output from a given combination of inputs (or the same output with more inputs)

C. Technological progress shifts the import function to the right

D. None of the above

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  1. The equilibrium level of output for the pure monopolist is where:
  2. At a point where a straight line demand curve meets the price axis (Y-axis), the elasticity of demand…
  3. When a consumer is satisfied with his spending pattern, he is said to be in:
  4. The ordinary demand curve is also called:
  5. Law of Variable Proportions is regarding in:
  6. The basic and essential economic problems in a community are related to choice and:
  7. Some farm land can be used to produce either corn or soybeans. If the demand for corn increases then:
  8. If in the long run, output increases in the same proportion as increase in all the input in the given…
  9. In monopolistic competition, the firms face:
  10. The largest possible loss that a firm will make in the short run is:
  11. Normally when price per unit of time falls:
  12. According to M.Kalecki, the true measure of the degree of monopoly power is the:
  13. In case of monopoly:
  14. A country is advised to devalue (reduce external value of) its currency only when its exports face:
  15. Which is the first-order condition for the profit of a firm to be maximum?
  16. In dominant strategies I am doing the best, I can no matter:
  17. Income-demand curve shows:
  18. The behavior of MC curve is determined by the behavior of the:
  19. In case of complementary factors, the isoquants are:
  20. The concept of industry in monopolistic competition has been replaced by:
  21. In terms of price, the indirect utility function may be:
  22. In economist the term invisible hand is refers to:
  23. A firm is a sum of persons who convert:
  24. Law of Diminishing Marginal Utility is practically untrue because:
  25. Duopoly is a market where there are:
  26. Under competitive conditions, the industry will be in equilibrium:
  27. In case the two commodities are complements, cross elasticity will be:
  28. In discriminating monopoly (price discrimination), the cost of production in two markets are:
  29. If two goods are complements then indifference curve (IC) will be:
  30. The market demand shedule is determined by: