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:

Dutch West India Company

A 17th-century trading company chartered by the Netherlands to conduct commerce and colonization in the Americas and West Africa, also involved in the Atlantic slave trade.

"City Upon A Hill"

A metaphor derived from a sermon by Puritan leader John Winthrop, emphasizing the idea that the colony of Massachusetts should serve as a model of righteousness and Christian virtue for the world.

Puritans

A group of English Protestants in the 16th and 17th centuries who sought to "purify" the Church of England from its "Catholic" practices.

Mid 17th Century

A period that roughly spans from the year 1630 to 1669, marking significant historical, cultural, and political changes worldwide.