The Marginal Rate of Technical Substitution Is

question 15

Multiple Choice

The marginal rate of technical substitution is

• A)the market rate of exchange between labor and capital.
• B)the rate at which the firm can substitute labor for capital while holding total cost constant.
• C)the rate at which the firm can substitute labor for capital while holding output constant.
• D)both a and b
• E)both a and c

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Definitions:

Profile Tolerances

The permissible variations in shape and dimensions of a part's profile, ensuring compliance with technical drawings.

Profile-Of-A-Surface Tolerance

A geometric dimensioning and tolerancing (GD&T) specification that controls the form, orientation, and location of surfaces within a specified tolerance zone.

All Around Symbol

A graphical symbol indicating that a geometric tolerance or feature applies to all surfaces all around the part.

Feature Control Frame

A border or structure in technical drawings that contains symbols and specifications to describe the geometric tolerances for controlling the form, orientation, location, and profile of a feature.