Determining the Optimal Choice of Input Combinations Generally Does Not

question 11

Multiple Choice

Determining the optimal choice of input combinations generally does not involve

• A)substitution of one input for another.
• B)fixing the level of technology in the long run.
• C)minimizing cost, given the prices of inputs.
• D)assessing the productivity of various inputs.

---

Definitions:

Hierarchy Of Needs

A theory in psychology proposed by Abraham Maslow that outlines five levels of needs that motivate human behavior, arranged in a hierarchical order.

Abraham Maslow

A renowned American psychologist who developed the concept of Maslow's hierarchy of needs, a theory that suggests psychological well-being is based on satisfying fundamental human needs.

Overjustification Effect

A psychological effect where introducing an external incentive for an activity someone already finds rewarding leads to a reduction in intrinsic motivation.

Externality Hypothesis

A theory suggesting that the costs or benefits of an individual’s or a firm’s actions are not fully borne or received by that individual or firm, but also affect others who were not involved in the original action.