slope of the line connecting the origin to point A is _______ (options: steeper, flatter) than the slope of the line connecting the origin to point B, because the slope of such a line is equivalent to __________ (options: the marginal physcial product of labor, marginal cost, productivity).
slope of the line connecting the origin to point A is _______ (options: steeper, flatter) than the slope of the line connecting the origin to point B, because the slope of such a line is equivalent to __________ (options: the marginal physcial product of labor, marginal cost, productivity).
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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The following graph shows a variety of possible production functions (PFs) in an imaginary economy, assuming constant levels of human capital and capital stock.
Because human capital and capital stock remain unchanged, each of these production functions represents a different level of the technology.
The slope of the line connecting the origin to point A is _______ (options: steeper, flatter) than the slope of the line connecting the origin to point B, because the slope of such a line is equivalent to __________ (options: the marginal physcial product of labor, marginal cost, productivity).
Transcribed Image Text:PF,
3
PF.
2.
PF
Hours of Labor
Output
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