True/False
Assume a firm is producing 1000 units of a good by using two inputs,capital and labor,whose per unit prices are $50 and $20.Assume also that the marginal physical product of the last unit of capital is 25 and the marginal physical product of the last unit of labor is 15.In order to minimize its costs of production,the firm should adjust its combination of inputs by employing more labor and less capital.
Correct Answer:

Verified
Correct Answer:
Verified
Q87: The "minimum efficient scale" of operation in
Q88: One of the primary sources of diseconomies
Q89: In the long-run average cost function,only the
Q90: In which of the following situations would
Q91: Assume a firm produces 500 units of
Q93: Assume a firm is currently employing 20
Q94: In which of the following examples cited
Q95: X-inefficiency refers to the situation in which
Q96: Labor resistance can be a major impediment
Q97: In which of the following situations would