The Least-Cost Rule Is That the Ratio of the Marginal

question 21

Multiple Choice

The least-cost rule is that the ratio of the marginal product of a factor to the price of that factor should be:

• A)equal to the amount of the factor.
• B)proportional to the amount spent on the factor.
• C)equal for all factors if the firm is a perfect competitor.
• D)equal to the price of the product.
• E)equal for all factors, no matter whether the firm sells in a perfectly or an imperfect competitive market.

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