Multiple Choice
If a firm is hiring inputs under purely competitive conditions, then any level of output will be produced with the least-cost combination of resources A and B when
A) MU of A/price of A = MU of b/price of B.
B) MRP of A = MRP of B.
C) the price of A equals the price of B.
D) MP of A/price of A = MP of b/price of B.
Correct Answer:
Verified
Correct Answer:
Verified
Q321: Marginal revenue product measures the<br>A)amount by which
Q322: A firm is employing inputs such that
Q323: Which of the following will not shift
Q324: Hiring the profit-maximizing combination of resources ensures
Q325: What will the elasticity of resource demand
Q327: In the marginal productivity theory of income
Q328: Assume Manfred's Shoe Shine Parlor hires labor,
Q329: Harry owns a barbershop and charges $15
Q330: Assume that an appliance manufacturer is employing
Q331: Which of the following decreases in labor