Multiple Choice
A firm's production function is given by q = min{M, L1/2}, where M is the number of machines and L is the amount of labor that it uses.The price of labor is $1and the price of machines is $2 per unit.The firm's long-run marginal cost curve is
A) a straight line with slope 2.
B) upward sloping and gets flatter as Q increases.
C) upward sloping and gets steeper as Q increases
D) a straight line with slope 1.
E) a straight line with slope 2
Correct Answer:

Verified
Correct Answer:
Verified
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