K and L Are Perfect Substitutes in Production in the Following

question 53

Multiple Choice

K and L are perfect substitutes in production in the following production function:

• A)KL/2.
• B)K + L.
• C)min(K,L).
• D)max(K,L).

---

Definitions:

Sale of Goods Transaction

A commercial activity involving the transfer of ownership of tangible personal property from a seller to a buyer for a price.

Bill of Exchange

A written, unconditional order by one party directing another party to pay a specified sum of money to a third party at a specified time.

Pay Money

The act of giving a certain amount of currency or financial value in exchange for goods or services.

Third Person

An individual who is not directly involved in a contract or legal agreement but may be affected by it.