Given the Above Graph,as You Move from Point a to Point

question 49

Multiple Choice

Given the above graph,as you move from point A to point B,

• A)output is unchanged.
• B)cost is unchanged.
• C)the rate at which the firm can substitute labor for capital while holding output constant decreases.
• D)both a and b
• E)both a and c

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Definitions:

Mean

The average of a set of numbers, calculated by dividing the sum of all values by the number of values.

Median

A measure of central location provided by the value in the middle when the data are arranged in ascending order.

Uniform Distribution

A type of probability distribution in which all outcomes are equally likely.