If the Least-Cost Input Combination Doesn't Include All Inputs,it's Called

question 27

Multiple Choice

If the least-cost input combination doesn't include all inputs,it's called:

• A) a boundary solution.
• B) an incomplete solution.
• C) an interior solution.
• D) an efficient solution.

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Definitions:

Long-run Equilibrium

The state in which, over time, supply and demand are balanced, and all adjustments to economic conditions have been made, resulting in stable prices and outputs.

Marginal Cost

The hike in expense for producing another unit of a product or service.