An Increase in the Quantity of Output Will Cause the Cost

question 83

Multiple Choice

An increase in the quantity of output will cause the cost minimizing quantity of an input to go ________ if the input is a normal input and will cause the cost minimizing quantity of the input to go _________ if the input is an inferior input.

• A)up; up
• B)up; down
• C)down; up
• D)down; down

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Definitions:

Authority Ranking

A system of social organization where individuals are ranked according to their power, status, or authority, often in a hierarchical structure.

Soldiers and Their Commander

Describes the relationship and dynamic between military personnel and their leader, focusing on hierarchy, obedience, and leadership.

Fraternal Organizations

Clubs or groups organized around shared interests or common goals, often with a focus on brotherhood or mutual aid.

Calculus-Based Trust

Trust that is based on the calculation of benefits and detriments associated with trusting someone, often grounded in past exchanges and experiences.