When the Cost Minimization Condition Is Met

question 42

Multiple Choice

When the cost minimization condition is met:

• A) marginal cost equals marginal revenue.
• B) the marginal products of all inputs are equal.
• C) the marginal revenue products of all inputs are equal.
• D) the ratio of marginal product to price is equal for all inputs.

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Definitions:

Confederacy

The confederation of 11 southern states that seceded from the United States in 1860-1861, leading to the American Civil War.

Major Robert Anderson

A Union Army officer during the American Civil War, best known for his defense of Fort Sumter at the outbreak of the war.

Fort Sumter

A sea fort in Charleston, South Carolina, known for two battles of the American Civil War, the first of which marked the war's beginning.

Civil War Began

Referring to the start of the American Civil War in 1861, a conflict between the Northern states (the Union) and the Southern states (the Confederacy) primarily over the issues of slavery and states' rights.