For a Firm with Only Two Inputs,capital and Labour,the Condition

question 76

Multiple Choice

For a firm with only two inputs,capital and labour,the condition MPK/MPL = PK/PL guarantees that the firm is

• A)at its profit- maximizing and cost- minimizing level of output.
• B)minimizing its costs but is not necessarily maximizing its profits.
• C)economically efficient but not technically efficient.
• D)technically efficient but not economically efficient.
• E)at its profit- maximizing output but is not necessarily minimizing its costs.

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Definitions:

Sight of Person

The visual perception of another individual by an observer.

Puff of Air

A brief, forceful emission of air often used in experimental psychology to test blink reflex or corneal reflex responses.

Blinking

The rapid closing and opening of the eyelid, a reflexive action that helps to protect the eye from irritants and moisten it.

Spontaneous Recovery

The reappearance of a previously extinguished conditioned response after a pause in exposure to the conditioned stimulus.