By Expressing the Cost- Minimizing Condition as MPK/MPL = PK/PL,we

question 88

Multiple Choice

By expressing the cost- minimizing condition as MPK/MPL = PK/PL,we are able to see

• A)that the firm is producing at a lower cost if the left- hand side of the equation is greater than the right- hand side.
• B)that the capital- labour ratio is fixed.
• C)how the firm determines its profit- maximizing output.
• D)that the ratio of factor prices is constant over time.
• E)how the firm can adjust the marginal products of the factors of production to the prices of the factors given by the market.

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