If the Price of One Factor Increases, Then the Firm

question 3

True/False

If the price of one factor increases, then the firm will find a new least-cost factor combination by shifting its lowest equal-cost line along its same equal-product curve.

---

Definitions:

Conditioned Fear

A learned response to a previously neutral stimulus that has been repeatedly paired with an aversive stimulus, resulting in the expression of fear responses to the neutral stimulus alone.

Safe Biking Trail

A designated path for bicycle riding that is designed or modified to minimize risk and enhance safety for cyclists.

Classical Conditioning

A learning process that occurs when two stimuli are repeatedly presented together, eventually eliciting the same response.

Operant Behavior

Behavior that is controlled by consequences, including reinforcement or punishment, which alter the likelihood of the behavior being repeated.