Multiple Choice
Suppose a firm can produce 70 units of a product, Zenia, by combining labor, land, capital, and entrepreneurial ability, as in the four alternative techniques shown in the table below. Assume further that the firm can hire labor at $3 per unit, land at $3 per unit, capital at $6 per unit, and entrepreneurship at $9 per unit. 
Refer to the above table. If the price of labor declines from $3 to $2 per unit, then what is the least costly way of producing Zenias?
A) A
B) B
C) C
D) D
Correct Answer:
Verified
Correct Answer:
Verified
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