Multiple Choice
(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
Correct Answer:
Verified
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