Over the very long run, which of the following has influenced the most on costs of production and on standards of living?O A. Increases in output made possible by technological improvementsO B. Increases in the resource baseO C. Increases in the labour forceO D. All of the aboveWhen a cost - minimizing firm is faced with an increase in the relative price of labour, it adjusts its factor usage so as to1.O A. use more labour per unit of output than before.B. maintain the previous usage of labourC. increase the marginal product of labour relative to the marginal product of capital.D. increase the marginal product of capital relative to the marginal product of labour.O E. use more of both capital and labour per unit of output.

Answer in step 2. Note .post other part separately please ?

ver the very long run, which of the following has influenced the most on costs of production and on standards of living? DA. Increases in output made possible by technological improvements D B. Increases in the resource base D C. Increases in the labour force O D. All of the above

ver the very long run, which of the following has influenced the most on costs of production and on standards of living? DA. Increases in output made possible by technological improvements D B. Increases in the resource base D C. Increases in the labour force O D. All of the above

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter11: The Firm: Production And Costs

Section: Chapter Questions

Problem 8P

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