When Costs Are at a Minimum

question 7

Multiple Choice

When costs are at a minimum,

• A)the ratio of the MP_L/MP_K < Price L/Price K.
• B)MP_L = MP_K.
• C)the extra output we get from the last dollar spent on an input must be the same for all inputs.
• D)Price L = Price K.

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Definitions:

Mutation

A sudden variation in an inheritable characteristic, as distinguished from a variation that results from generations of gradual selection.

Central Nervous System

The part of the nervous system that consists of the brain and spinal cord, responsible for integrating sensory information and responding accordingly.

Peripheral Nervous System

The portion of the nervous system that lies outside the brain and spinal cord, consisting of nerves and ganglia, involved in connecting the central nervous system to the rest of the body.

Somatic Nervous System

A component of the peripheral nervous system responsible for the voluntary regulation of body movements through skeletal muscles.