Multiple Choice
Suppose a firm uses land,labor,and capital for its production process.If it is renting the equilibrium quantity of all three factors of production,then which of the following conditions will be true?
A) Marginal product from the last dollar spent on land = Marginal product from the last dollar spent on labor > Marginal product from the last dollar spent on capital
B) Marginal product from the last dollar spent on land > Marginal product from the last dollar spent on labor > Marginal product from the last dollar spent on capital
C) Marginal product from the last dollar spent on land > Marginal product from the last dollar spent on labor = Marginal product from the last dollar spent on capital
D) Marginal product from the last dollar spent on land = Marginal product from the last dollar spent on labor = Marginal product from the last dollar spent on capital
Correct Answer:
Verified
Correct Answer:
Verified
Q122: Scenario: This problem applies the principle of
Q123: Refer to the scenario above.Trevor argues that
Q124: The following table shows the output of
Q125: Since 1967,there has not been much of
Q126: If both the goods and the labor
Q128: Labor demand is described as a derived
Q129: The market supply curve of labor in
Q130: Scenario: Consider a firm that produces and
Q131: Meryl works 10 hours a day in
Q132: Which of the following statements is true?<br>A)