The total cost of producing a given level of output is
A) maximized when a corner solution exists.
B) minimized when the ratio of marginal product to input price is equal for all inputs.
C) minimized when the marginal products of all inputs are equal.
D) minimized when marginal product multiplied by input price is equal for all inputs.
B
You might also like to view...
If the Fed buys a $100,000 government security from a bank when the desired reserve ratio is 20 percent and the currency drain ratio is 5 percent, the bank can loan a maximum of
A) $75,000. B) $85,000. C) $95,000. D) $80,000. E) $100,000.
One reason that the aggregate demand curve has a negative slope is that when the domestic price level rises,
A) firms produce more goods and services. B) firms produce fewer goods and services. C) people substitute toward more imported goods and services. D) peoples' wealth increases.
Which of the following terms describes the process wherein many of the different stages of producing a good happen in different geographic locations?
a. supply chain management b. splitting up the supply chain c. splitting up the value chain d. value Chain management
When a monopolist engages in perfect price discrimination, the quantity produced and sold
A) could be lower, higher, or the same as that produced and sold if it adopted a single price. B) is lower than the quantity produced and sold if it adopted a single price. C) is larger than the quantity produced and sold if it adopted a single price. D) is the same level as that produced and sold if it adopted a single price.