The Least-Cost Rule States That a Firm Minimizes Costs by Buying

question 151

True/False

The least-cost rule states that a firm minimizes costs by buying factors in the combination at which the MRP-to-price ratio for each is the same.

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Definitions:

Develops Spontaneously

Refers to the natural or unplanned emergence of patterns, structures, or behaviors without external guidance or direct action.

Other-Oriented

Having an outward focus or concern for others' needs, feelings, or experiences, as opposed to being self-centered.

Task-Oriented

Focused primarily on accomplishing specific objectives or tasks rather than on emotional or interpersonal aspects.

Self-Oriented

Focused on one's own interests, needs, or goals, often without considering those of others.