Multiple Choice
To minimize costs, a firm should use more labor and less capital if the product derived from the last dollar spent on labor is ________ the product derived from the last dollar spent on capital.
A) less than
B) greater than
C) equal to
D) either greater than or less than
Correct Answer:
Verified
Correct Answer:
Verified
Q110: Refer to Scenario 7.5 below to answer
Q111: Refer to the information provided in Figure
Q112: Refer to Scenario 7.7 below to answer
Q113: The optimal method of production is the
Q114: If the first worker produces ten custom
Q116: If the marginal product of labor equals
Q117: Refer to the information provided in Figure
Q118: Refer to the information provided in Figure
Q119: Refer to Scenario 7.7 below to answer
Q120: Refer to the information provided in Figure