Multiple Choice
The least-cost rule requires that, for every factor, the ratio of the
A) marginal physical product to factor price must be equal.
B) marginal revenue product to factor price must be equal.
C) marginal revenue product to output must be equal.
D) marginal cost to factor price must be equal.
E) b and c
Correct Answer:
Verified
Correct Answer:
Verified
Q68: If, at a particular wage rate in
Q69: If the MPP of the last unit
Q70: Exhibit 26-4<br><br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6992/.jpg" alt="Exhibit 26-4
Q71: If, at a particular wage rate in
Q72: Exhibit 26-1<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6992/.jpg" alt="Exhibit 26-1
Q74: Marginal factor cost (MFC) is<br>A)the additional cost
Q75: The elasticity of demand for a factor
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Q77: Exhibit 26-5<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6992/.jpg" alt="Exhibit 26-5
Q78: The demand for factors (which arises from