Identify the incorrect answer.If the price of each of the two factors used in production is a constant, then the least-cost principle is satisfied when the:
A) marginal product per dollar received from the last dollar of expenditure is the same for every productive factor.
B) slope of the equal-product curve is equal to the slope of the equal-cost line.
C) marginal product per dollar of each factor is equal to the inverse of the marginal cost.
D) ratio of the marginal products of the two factors equals the ratio of their prices.
E) equal-product curve cuts across an equal-cost line from above.
Correct Answer:
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Q11: The equal-product curve is a locus of
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