The Rule of Cost Minimization Indicates That a Firm Should

question 76

Multiple Choice

The rule of cost minimization indicates that a firm should:

• A)employ inputs so as to maximize output.
• B)employ inputs such that the marginal product per dollar spent is equal for all inputs.
• C)minimize total costs.
• D)minimize marginal costs.

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Definitions:

Position Analysis

The process of examining the duties, tasks, and responsibilities of a job to define its specifics.

Information Inputs

Data or information that is entered into a system for processing or analysis.

Functional Job-Analysis

A method used to identify and describe the tasks, duties, and responsibilities of a job.

Effective Performers

Individuals who consistently achieve their goals and make significant contributions to organizational success through high levels of productivity and quality of work.