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:

Justification Report

Report that justifies the need for a purchase, an investment, a new personnel line, or a change in procedure.

AI

Artificial Intelligence, the simulation of human intelligence by machines, capable of learning, reasoning, and problem-solving.

Provides Information

The act of supplying data, facts, or details about a specific topic or subject.

Annual Report

A comprehensive report on a company's activities, financial performance, and strategy throughout the preceding year.