If a Firm Is Using Optimal Input Proportions, It Is

question 41

True/False

If a firm is using optimal input proportions, it is minimizing its costs.

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Definitions:

Price

The economic worth conjectured, obligatory, or handed over as a consideration for something.

Resource Market

A marketplace where resources (such as labor, capital, and natural resources) are bought and sold, facilitating economic production.

Factors of Production

Resources used in the creation of goods and services, including land, labor, capital, and entrepreneurship.

Firms

Business organizations engaged in professional, commercial, industrial, or service activities.