In Order to Minimize the Cost of a Particular Level

question 20

Multiple Choice

In order to minimize the cost of a particular level of output,a firm should produce where:

• A)labor input equals capital input.
• B)the RTS (of L for
• K)=
• C)the RTS (of L for
• K)=
• D)the MRS =

---

Definitions:

Strike Replacements

Workers who are hired to fill the positions of striking employees during the course of a labor strike.

Bargaining Unit

A group of employees with a clear and identifiable community of interests, recognized by an employer or by law, that is represented collectively in negotiations by a union.

Representation Elections

Elections conducted to determine whether workers wish to be represented by a union, and if so, which union should represent them.

U.S.

A country consisting of fifty states and a federal district, known officially as the United States of America, which is a federal republic in North America.