A Firm Uses Capital and Labour in Production

question 98

Multiple Choice

A firm uses capital and labour in production. To determine if the firm is technologically efficient, it

• A)must know the cost of labour and the cost of capital.
• B)does not need to know the cost of labour or the cost of capital.
• C)must know the cost of labour but not the cost of capital.
• D)must know the cost of capital but not the cost of labour.
• E)must use unionized labour.

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Definitions:

Confidentiality

The ethical principle ensuring private information is not disclosed without consent.

Values

The beliefs and principles that influence an individual's choices and behaviors.

Culture

The characteristics and knowledge of a particular group of people, encompassing language, religion, cuisine, social habits, music, and arts.

Ethical Beliefs

Principles and values that guide the distinction between right and wrong behavior.