At the XYZ Co

question 88

Multiple Choice

At the XYZ Co.,a unit of capital costs three times as much as a unit of labor.If the isoquants are convex,and the firm does not change its input mix in the long run,we can conclude that

• A) MPK = 3 ∗ MPL.
• B) the firm will not hire any capital.
• C) the firm will hire 3 times as much labor as capital.
• D) the firm will hire 3 times as much capital as labor.

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Definitions:

Venn Diagram

A graphical representation used to show all possible logical relations between a finite collection of sets.

Categorical Syllogism

A form of deductive reasoning consisting of a major premise, a minor premise, and a conclusion, based on relationships between categories.

Syllogism Forms

Structured arguments using three propositions: two premises followed by a conclusion, based on deductive reasoning to infer a relationship between items.

Syllogism Form

A logical argument that applies deductive reasoning to arrive at a conclusion based on two or more premises that are asserted to be true.