To Minimize Total Costs for a Particular Rate of Output

question 292

Multiple Choice

To minimize total costs for a particular rate of output, a firm will equate

• A) the average cost of each factor.
• B) the marginal revenue of each factor.
• C) the marginal physical product per dollar spent on each factor.
• D) the marginal revenue product and variable marginal revenue for each factor.

---

Definitions:

Team Meetings

Gatherings of team members to discuss progress, strategies, and issues within a project or organization.

Founding Team

The original group of individuals who establish a company, working together to bring the business concept to reality.

Passion

An intense positive emotion, which is usually related to entrepreneurs who are engaged in meaningful ventures, or tasks and activities, and which has the effect of motivating and stimulating entrepreneurs to overcome obstacles and remain focused on their goals.

Strong Ties

Deep, close relationships often characterized by trust, frequent interaction, and a strong sense of commitment.