Which of the Following Conditions Is True When a Producer

question 29

Multiple Choice

Which of the following conditions is true when a producer minimizes the cost of producing a given level of output?

• A) The MRTS is equal to the ratio of input prices.
• B) The marginal product per dollar spent on all inputs is equal.
• C) The marginal products of all inputs are equal.
• D) The MRTS is equal to the ratio of input prices, and the marginal product per dollar spent on all inputs is equal.

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Definitions:

Randomization

A process of making choices or allocating resources in a manner that prevents any predictable patterns, often used in experimental designs to ensure unbiased results.

Systematic Sampling

A statistical method where elements are selected from a larger population at regular intervals, ensuring each member has an equal chance of being chosen.

Probability Sampling

A sampling method where every member of a population has a known and non-zero chance of being selected in the sample.

Research Groups

Teams or collectives of academics, scientists, or scholars dedicated to studying specific subjects or conducting experiments in their field.