In the Very Long Run, Theoretically There Will Be

question 56

Multiple Choice

In the very long run, theoretically there will be
Equilibrium if capital and labor are free to migrate.If
And when this ever happens, what will the global
Economy experience?

• A)an equality of wages and marginal product
• B)an equality of returns to the owners of capital
• C)a fully Pareto­efficient world economy with the highest standard of living possible
• D)an equality of wages and marginal product, an equality of returns to the owners of capital, and a fully
• Pareto­efficient world economy with the highest
• Standard of living possible

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Definitions:

Mathematical Calculation

The process of solving a mathematical problem by using arithmetic operations and algorithms.

Profit-maximizing

The process or strategy of adjusting production and sales to achieve the highest possible profit levels.

Total Cost

The sum of fixed costs and variable costs incurred by a business in producing a good or service.

Output

The quantity of goods or services produced within a given period.