Answered: Assume that capital and labor are…

Assume that capital and labor are substitutes in production. The output effect of an increase in the price of capital decreases the demand for labor. True or False True False

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Assume that capital and labor are substitutes in production. The output effect of an increase in the price of capital decreases the demand for labor.
True or False
True
False
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