The Marginal Rate of Technical Substitution Is Measured by

question 31

Multiple Choice

The marginal rate of technical substitution is measured by

• A)the slope of the isoquant.
• B)the relative input prices.
• C)the slope of the isocost line.
• D)the ratio of the product's price to the product's cost of production.

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Definitions:

Necessaries

Items or services that are considered essential for maintaining a reasonable standard of living, such as food, clothing, and shelter.

Emancipation

The legal process through which a minor becomes self-supporting and assumes adult responsibility for their welfare.

Under Age

Refers to individuals who are below the legal age of majority, typically under 18 years old, and thus are restricted from certain activities and legal responsibilities.

Position and Condition

This phrase generally relates to the state or circumstances of a particular situation or entity at a certain time.