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

question 168

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:

Meritocratic Values

A system of governance or organizational management where appointments and responsibilities are accorded based on individual abilities and merit rather than on the basis of class privilege, nepotism, or favoritism.

Interdependent Task Approaches

Strategies or methods where the completion of tasks requires the collaborative effort of multiple people or teams, relying on each other's input and cooperation.

Faultline

Describes hypothetical dividing lines that can split a group into subgroups based on one or more attributes, such as age, gender, or experience, potentially affecting group cohesion.

Demographic Characteristics

Demographic Characteristics are the statistical data of a population, including factors like age, race, gender, income, education, and employment, which are used for analysis and policy-making.