Multiple Choice
If isoquants are smooth and convex, then a necessary condition for cost minimization is that the:
A) cost minimizing bundle intersects the isoquant.
B) MP per dollar of an input equals the MP per dollar of all others.
C) MRTS equals the slope of the isoquant.
D) price of the final good is equal to the MC of production.
Correct Answer:
Verified
Correct Answer:
Verified
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