Whenever the Ratio of Marginal Products to Input Prices Differs

question 66

Multiple Choice

Whenever the ratio of marginal products to input prices differs across inputs,

• A)the marginal products of inputs will adjust as input combinations change to correct for the inefficiency.
• B)no change will necessarily follow because the process could still be at peak efficiency.
• C)a firm's costs could be reduced by shifting input usage toward the input with the lower marginal product to price ratio.
• D)the costs of the inputs adjust to bring the marginal product ratios and cost ratios together.

Articulate the relationship between planning and control within organizations.

Elucidate the differences between strategic, operational, and tactical planning.

Explain the importance of priorities and objectives in organizational planning and decision-making.

Grasp the concept of planning horizons and their relevance to different types of planning tasks.

---

Definitions:

Chapter 7

A provision under the United States Bankruptcy Code dealing with the process of liquidation under the bankruptcy laws.

Debtor in Possession

A debtor in possession refers to a bankrupt company that retains possession and control of its assets while undergoing reorganization under bankruptcy law.

Chapter 11 Proceeding

A type of bankruptcy process provided for under the United States Bankruptcy Code, which allows for reorganization under the bankruptcy laws of the United States.

Chapter 7 Proceeding

A type of bankruptcy process in the United States that involves the liquidation of a debtor's assets to pay off creditors.