Cost minimization is the process of making optimal use of all of the inputs whose quantities are
A)set in the short run.
B)set in the intermediate run.
C)set in the long run.
D)variable in the short and long run.

Question

Quizplus · Accepted Answer

Cost minimization involves making the best possible use of inputs, which can vary in both the short and long run, to achieve the lowest cost of production.

Cost Minimization Is the Process of Making Optimal Use of All