Marginal rate of transformation is the amount of good 1 that must be given up in order to produce good 2 keeping the level of inputs constant in an economy.The slope of the production possibilities frontier measures the marginal cost of ...
Question1:True-False.Pleaseexplainyourchoice. a)Iftheeconomyisnotinalong-runequilibriumandotherthingsareequal,thenprices willeventuallyadjusttobringtheeconomytoalong-runequilibrium. TF TRUE b)Theaggregateproductioncurvehasaslopeoflessthanone.TF FALSE ...