If Inputs Are Combined So That Their Marginal Product-Price Ratios

question 50

Multiple Choice

If inputs are combined so that their marginal product-price ratios are equal,________ minimized.

• A) costs are
• B) profits are
• C) production is
• D) efficiency is
• E) returns are

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Definitions:

Assimilation Model

A theory or approach suggesting that cultural or ethnic minorities should be absorbed into the dominant society, losing their original identities.

Societal Conditions

The state of society at a given time, including its norms, laws, and living standards.

Immigration

The action of coming to live permanently in a foreign country.

Operation Bootstrap

An economic development program initiated in Puerto Rico in the late 1940s to transform the economy from agriculture-based to industrial.