Cost Minimization Suggests That Two Inputs Should Be Employed to the Point

question 288

Multiple Choice

Cost minimization suggests that two inputs should be employed to the point where

• A) the marginal cost of each input is identical.
• B) the marginal revenue product of each input is identical.
• C) the marginal physical product per dollar spent on each input is identical.
• D) the extra contribution to physical output of the inputs is identical.

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Definitions:

Single Peaked

A type of preference or opinion that, when graphed, shows a single top or highest preference, typically used in voting theory to describe voters' preferences over various issues.

Public Goods

Goods that are non-excludable and non-rivalrous, meaning they can be used by more than one person at a time without depletion of the resource.

Pairwise Majority Voting

A voting system where each option is matched against every other option in separate votes, and the one winning the most matches is chosen.

Single Peaked

A term used to describe preferences or utility functions that increase to a highest point (the peak) and then decrease, indicating a clear optimal choice or outcome.