You Are an Efficiency Expert Hired by a Manufacturing Firm

question 62

Multiple Choice

You are an efficiency expert hired by a manufacturing firm that uses K and L as inputs.The firm produces and sells a given output.If w = $40,r = $100,MP_L = 4,and MP_K = 40 the firm:

• A) is cost minimizing.
• B) should use less L and more K to cost minimize.
• C) should use more K and less L to cost minimize.
• D) is profit maximizing but not cost minimizing.

Comprehend the legal implications of advertisements and solicitations for bids in contract law.

Understand the role and rules surrounding promissory estoppel in offers and acceptances.

Identify the legal requirements and effects of options and firm offers.

Understand how courts determine whether a proposal qualifies as an offer.

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Definitions:

Evolution

The process by which different kinds of living organisms are thought to have developed and diversified from earlier forms during the history of the earth.

Genetic Predispositions

The inherited tendencies or vulnerabilities to exhibit characteristics or conditions, including diseases, based on one's genetic makeup.

Fear Snakes

An intense, often irrational aversion or phobia of snakes.

Heights

Elevations or areas of high altitude above a point of reference, often causing fear in some individuals.