Rio Tinto's Incentive to Adopt New Robotic Technology Was Increased

question 43

Multiple Choice

Rio Tinto's incentive to adopt new robotic technology was increased by the high wages it was having to pay to attract miners and truck drivers.In this instance, Rio Tinto began using new robotic technology to

• A)add capital as a complementary resource for its labor.
• B)substitute labor for capital in production.
• C)substitute capital for labor in production.
• D)add labor as a complementary resource for its capital.

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Definitions:

Human Behavior

Human behavior refers to the range of actions and mannerisms exhibited by humans in conjunction with their environment, social structures, and culture.

Rational Decisions

Choices made based on logical reasoning and expected outcomes, considering all available information.

Impulse Buying

An unplanned decision to buy a product or service, made just before a purchase.

Behavioral Economics

The study of how psychological, social, cognitive, and emotional factors affect economic decisions and the implications for market prices, returns, and resource allocation.