All Else Constant,as the Price of Petroleum Increases Relative to the Prices

question 73

Multiple Choice

All else constant,as the price of petroleum increases relative to the prices of other inputs to the production process,in their effort to minimize their total costs of production,we can expect to see firms employ:

• A)less of each of the inputs of production.
• B)more petroleum and less of the other inputs to production.
• C)less petroleum and more of the other inputs to production.
• D)the same amount of petroleum since there are no substitutes for petroleum.

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