_____ when the mix of capital and labor produces output at the lowest cost.
A) Profits are minimized
B) Profits are maximized
C) Costs are minimized
D) Costs are maximized

Question

Quizplus · Accepted Answer

When the mix of capital and labor produces output at the lowest cost, it means that the production process is being carried out in the most efficient manner possible, thereby minimizing costs.

_____ When the Mix of Capital and Labor Produces Output