A Firm Operates at Its Least-Cost Position for a Given

question 68

Multiple Choice

A firm operates at its least-cost position for a given level of output by equating

• A)the marginal product of each factor.
• B)the marginal product per dollar spent for each factor.
• C)the price of each input.
• D)the total expenditure on each input.
• E)the average product for each factor.

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Definitions:

County Clerk

An official in local government who manages public records and documents, particularly in relation to property and civil records.

Judicial Lien

A lien obtained by a creditor upon a debtor's property, authorized by a judgment, decree, or court order.

Complex Adaptive

Systems that are able to adapt and evolve in response to changes in the environment.

Contingency Approaches

Management theories suggesting that the best way to handle any situation depends on the specifics of the environment and circumstances.