The Marginal Rate of Technical Substitution Is

question 305

Multiple Choice

The marginal rate of technical substitution is

• A)the rate at which a firm is able to substitute one input for another, while keeping total cost constant.
• B)the rate at which a firm is able to substitute one input for another, while keeping the level of output constant.
• C)the rate at which a firm is able to institute positive technological changes to its production process.
• D)the rate at which a firm is able to increase its output by replacing labor with technology.

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Definitions:

Fifth Amendment

A provision in the Bill of Rights of the United States Constitution that protects individuals against self-incrimination, double jeopardy, and ensures the right to due process.

Testify Against

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A constitutional amendment granting citizenship, equal protection under the law, and due process to all persons born or naturalized in the United States.