The Marginal Rate of Technical Substitution of Labor for Capital

question 9

Multiple Choice

The marginal rate of technical substitution of labor for capital measures

• A)the amount by which capital input can be reduced while holding quantity produced constant when one more unit of labor is used.
• B)the amount by which labor input can be reduced while holding quantity produced constant when one more unit of capital is used.
• C)the ratio of total labor to total capital.
• D)the ratio of total capital to total labor.

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Definitions:

Cumulative Frequency

The sum of a series of frequencies, calculated by adding each frequency from a frequency distribution table to the sum of its predecessors.

Upper Limit

The maximum value in a given set or the highest value that a variable can assume.

Class

In programming, a blueprint for creating objects that contains specific attributes and methods.

Relative Frequency

The proportion between how often a specific value appears and the overall count of data points observed.