At the Point of the Optimal Input Combination, the Marginal

question 24

Multiple Choice

At the point of the optimal input combination, the marginal rate of technical substitution (MRTS) __________________ the ratio of the pricds of the inputs.

• A) is less than
• B) is greater than
• C) equals

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Definitions:

Tax Return

A form or forms filed with a government body that reports income, expenses, and other pertinent tax information.

Act of Omission

A legal concept describing a failure to act when there is a duty to do so, which can result in liability.

Mens Rea

A legal principle that refers to the intent or knowledge of wrongdoing that constitutes part of a crime, as opposed to the action or conduct of the accused.

Actus Reus

A term from Latin meaning "guilty act," referring to the physical act of committing a crime, as opposed to the mental intent.