In Order to Minimize the Cost of a Particular Level $\frac { v } { w }$

question 1

Multiple Choice

In order to minimize the cost of a particular level of output,a firm should produce where

• A)labor input equals capital input.
• B)the RTS (of L for K)= \(\frac { v } { w }\) .
• C)the RTS (of L for K)= \(\frac { w } { v }\)
• D)the MRS = \(\frac { v } { w }\) .

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Definitions:

Declarative Memory

A type of long-term memory that involves the conscious recall of facts and events.

Semantic Memory

A type of long-term memory that involves the recall of general facts, meanings, concepts, and knowledge about the external world.

Eyewitness Memory

The recall of individuals about events they have observed and can involve significant inaccuracies.

Short-term Memory

The part of the memory system where information is stored for a short duration, typically around 20 to 30 seconds.