A Firm Is Producing with the Least-Cost Combination of Resources

question 70

Multiple Choice

A firm is producing with the least-cost combination of resources when the

• A) last dollar spent on each resource yields the same marginal product.
• B) total dollars spent on each resource are all the same.
• C) unit prices of the resources are equalized.
• D) marginal product of each of the resources is all the same.

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Definitions:

Changing Criterion Design

This design involves systematically altering the criterion for reinforcement or success as the subject's behavior gradually approximates the target behavior.

Changing Conditions Design

A research design used in behavioral science to assess the effects of interventions under varying conditions or environments over time.

Carryover Effects

The continuation of a behavior change or learning from one situation or condition to another.

Stepwise Modification

A methodical approach to changing behavior or processes through small, incremental adjustments rather than drastic changes.