Suppose in a Particular Production Process That Capital and Labor

question 3

Multiple Choice

Suppose in a particular production process that capital and labor are perfect substitutes so that three units of labor are equivalent to one unit of capital. If the price of capital is $4 per unit and the price of labor is $1 per unit, the firm should:

• A)employ capital only.
• B)employ labor only.
• C)use three times as much capital as labor.
• D)use three times as much labor as capital.

Grasp the environmental impacts of lacking access to sanitation and clean drinking water.

Discuss the consequences of continuous ecological overshoot.

Understand the environmental impacts and adaptations of hunter-gatherer societies.

Identify the timing and implications of the domestication of plants and animals.

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