If on a given product indifference curve a firm is using an insufficient (nonoptimal) amount of one of its inputs

a. output will be below optimal.
b. the MRP of the input will be below its price.
c. costs will not be minimal.
d. relative input prices need to change.


c

Economics

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The study of economics is best described as a study of

A) capitalism. B) the factors that influence the stock and bond markets. C) the choices made in producing goods and services. D) how people earn a living. E) coping with scarcity, and choices made as a result of scarcity in a society.

Economics

The figure above shows supply curves for soft drinks. Suppose the economy is at point a. A movement to point c could be the result of

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Economics

Public goods are distinguished by two primary characteristics. What are they?

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Economics