The Marginal Rate of Technical Substitution May Be Defined as All

question 17

Multiple Choice

The marginal rate of technical substitution may be defined as all of the following except:

• A) the rate at which one input may be substituted for another input in the production process,while total output remains constant
• B) equal to the negative slope of the isoquant at any point on the isoquant
• C) the rate at which all combinations of inputs have equal total costs
• D) equal to the ratio of the marginal products of X and Y
• E) b and c

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Definitions:

Telematics

Technology of sending, receiving, and storing information via telecommunication devices to control remote objects, commonly used for vehicle tracking, fleet management, and insurance.

Employee Privacy

The rights of employees to have personal information, activities, and communications kept confidential from unauthorized disclosure or monitoring within the workplace.

Monitor

To observe, keep track of, or check for a specific purpose, often for progress or compliance.

Technology

The application of scientific knowledge for practical purposes, especially in industry.