Suppose a Firm Hires Both Labor (L) and Capital (C) $\mathrm { MP }_ { C } = \mathrm { MP }_ { L } = P _ { X }$

question 74

Multiple Choice

Suppose a firm hires both labor (L) and capital (C) under purely competitive conditions. The price of labor is P_L, and that of capital is P_C. The marginal product of labor is MP_L, and that of capital is MP_C. The firm sells its product competitively at a price of P_X. Which of the following must pertain if the firm is to minimize the cost of producing any output?

• A) \(\mathrm { MP }_ { C } = \mathrm { MP }_ { L } = P _ { X } \)
• B) \(\mathrm{MPC}_{C}=P_{C} \text { and } \mathrm{MP}_{L}=P_{L}\)
• C) \(\mathrm{MP} _{C} / P_{C}=\mathrm{MP}_{L} / P_{L}\)
• D) \(\mathrm { MP } _{C} / P _{X} = M \mathrm { MP } _ { L } / P _{X} \)

Describe the structure and function of the vertebrate heart and circulatory system.

Understand the significance of the notochord and its role in the evolution of the vertebral column.

Recognize the diversity of vertebrates, including fish, amphibians, reptiles, birds, and mammals.

Understand the evolutionary significance of jaws, limbs, and locomotion in vertebrates.

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