Multiple Choice
If 1 unit each of land and labor are used to make product A (costing a total of $10) , and 1 unit of land and 3 units of labor are used to make product B (costing a total of $22) , then the price of:
A) land is $6 and the price of labor is $4.
B) labor is $6 and the price of land is $4.
C) land is $8 and the price of labor is $2.
D) each input is $4.
E) labor is 3 times the price of land, but the exact amount cannot be determined from the above.
Correct Answer:
Verified
Correct Answer:
Verified
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