The Marginal Rate of Technical Substitution

question 7

Multiple Choice

The marginal rate of technical substitution:

• A)equals the marginal product of capital times the marginal product of labor.
• B)measures the rate at which marginal product declines as inputs are increased.
• C)measures the degree to which one input can be substituted for another,output held constant.
• D)is the horizontal distance between two isoquants.

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Interest Group Pluralism

The theory that political power is distributed among a wide array of diverse and competing interest groups.

Class Bias

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Marxist-Leninist

A political and economic ideology based on the theories of Karl Marx and Vladimir Lenin, advocating for a classless society and the overthrow of capitalism through revolutionary means.