Suppose the Production of Paved Roadways Can Be Represented as Q

question 93

Multiple Choice

Suppose the production of paved roadways can be represented as q = L^0.5 + K^0.5.Which of the following statements is (are) TRUE?

• A) Labor is subject to diminishing marginal productivity in the short run.
• B) Labor and capital are imperfect substitutes.
• C) The isoquants for paved roadways are convex.
• D) All of the above.

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