Answer:
B) Leave the equilibrium price unchanged.
Explanation:
Oligopolistic market is the arrangement where few companies offer same product to the customers. There is very less competition in the market so every supplier has fair chance for operating their business successfully. The kinked demand model curve in oligopolistic market would leave the equilibrium price unchanged.
Answer:
Option a
Explanation:
In simple words, consensus building refers to the process under which different individuals, who will get affected in some way or another from the decision being made, share the views and ideas and prepare a solution that makes maximum benefit and minimal loss to the all.
Such kind of behavior is needed in large organisations where the number of employees working is very high and different individuals have different goals for themselves. Thus, from the above we can conclude that the correct option is A.
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Answer: A. the firm could produce 3 more units of output if it increased its use of capital by one unit (holding labor constant).
Explanation:
The Marginal Rate of Technical Substitution(MRTS) is calculated as follows:
= Marginal product of labor / Marginal product of capital
= 1 / 3
Marginal product of labor = 1
Marginal product of capital = 3
This means that if one unit of labor is used, it produces 1 unit of output.
If one unit of capital is used however, it produces 3 units of output.
If a firm therefore used one unit of capital and kept labor constant, it could produce 3 units out output.