When the cost minimization condition is met:
A. the marginal products of all inputs are equal.
B. marginal cost equals marginal revenue.
C. the ratio of marginal product to price is equal for all inputs.
D. the marginal revenue products of all inputs are equal.
Answer: C
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Which of the following would shift the supply curve for CDs to the right?
a. a decrease in the price of materials used to make CDs b. a rise in the cost of labor used to make CDs c. an increase in the price of audio cassettes d. a decrease in the number of suppliers e. an increase in the price of CDs
A supply curve is directly affected by;
(a) Technology. (b) Input Costs. (c) Expected Future Prices. (d) All of the above.
Money market mutual funds are included in
a. M1 but not M2. b. M1 and M2. c. M2 but not M1. d. neither M1 nor M2.
Who is most likely to benefit from rent controls?
A. consumers who are able to obtain apartments at the controlled rents B. the government that controls the rents C. landowners who can lease the apartments at the controlled rents D. consumers who are unable to obtain apartments at the controlled rents