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Author Question: When an isocost line is just tangent to an isoquant, we know that A) output is being produced at ... (Read 70 times)

meagbuch

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  • Posts: 568
on: Jul 1, 2018
When an isocost line is just tangent to an isoquant, we know that
 
  A) output is being produced at minimum cost.
  B) output is not being produced at minimum cost.
  C) the two products are being produced at the least input cost to the firm.
  D) the two products are being produced at the highest input cost to the firm.

Question 2

A firm should hire more labor when the marginal revenue product of labor
 
  A) equals the wage rate.
  B) exceeds the wage rate.
  C) is less than the wage rate.
  D) Any of these can be true.
  E) None of these are true.


snackralk

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Reply #1 on: Jul 1, 2018
Answer to Question 1

A

Answer to Question 2

B


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