The Condition That Requires MRTS for Each Input Pair to Equal

question 126

Multiple Choice

The condition that requires MRTS for each input pair to equal the ratio of their marginal costs is known as ________ efficiency, and the condition that requires MRS for each output pair to equal their output price ratio is known as ________ efficiency.

• A) economic; market
• B) micro; macro
• C) cost; revenue
• D) technical; output

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Definitions:

Provided

A term used to indicate that something is supplied or made available to someone or for some process.

Expected Product

The Expected Product is the chemical entity anticipated to result from a specific reaction under defined conditions.

Reaction

A process in which substances (reactants) are converted into different substances (products) with new physical and chemical properties.

Below

Generally used to indicate something in a lower position or level. In scientific contexts, could also relate to being lesser in degree or extent.