If the Price of Labor Increases,in Order to Minimize the Costs

question 91

Multiple Choice

If the price of labor increases,in order to minimize the costs of producing a given level of output,the firm manager should use:

• A) less of labor and more of capital.
• B) less of labor and less of capital.
• C) more of labor and more of capital.
• D) more of labor and less of capital.

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Definitions:

Truth Table

A mathematical table used in logic to determine the truth value of logical expressions based on their variables' truth values.

Imply

To suggest or express something indirectly or covertly, leaving the full meaning to be inferred by the audience.

Tautology

A statement that is necessarily true because of the meanings of the words.

Truth Table

A mathematical table used in logic to determine whether a compound statement is true or false, based on the truth values of its components.