(appendix) At the least-cost combination of capital and labor:
A) the marginal rate of technical substitution of labor for capital equals the ratio of the price of labor to the price of capital
B) the isocost line cuts the isoquant at its lowest point
C) the capital-labor ratio is equal to the ratio of the price of labor to the price of capital
D) the isoquant cuts the isocost line at its lowest point
Correct Answer:
Verified
Q52: If energy and unskilled labor are gross
Q53: Assume that skilled labor and energy are
Q54: The market wage increases from $9 to
Q55: Suppose that,as a result of an increase
Q56: (appendix)An isoquant shows all combinations of:
A)wage rates
Q58: In his comparison of over 100 studies
Q59: Which of the following can be predicted
Q60: International trade:
A)increases labor demand in some industries
Q61: (appendix)If the marginal rate of technical substitution
Q62: (appendix)The slope of an isoquant at any
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents