Multiple Choice
Which of the following conditions is true when a producer minimizes the cost of producing a given level of output?
A) The MRTS is equal to the ratio of input prices.
B) The marginal product per dollar spent on all inputs is equal.
C) The marginal products of all inputs are equal.
D) The MRTS is equal to the ratio of input prices, and the marginal product per dollar spent on all inputs is equal.
Correct Answer:
Verified
Correct Answer:
Verified
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