What must be true if a firm is producing using the least-cost rule?Multiple Choice The firm invests in technology to reduce the costs of production. The firm utilizes resources so that the marginal product per dollar spent is equal for all resources. The firm has the ability to reduce their total cost below that of other firms in the industry. The firm utilizes only the resources with the lowest cost.

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Answered: The firm utilizes resources so that the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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What must be true if a firm is producing using the least-cost rule?

Multiple Choice

The firm invests in technology to reduce the costs of production.
The firm utilizes resources so that the marginal product per dollar spent is equal for all resources.
The firm has the ability to reduce their total cost below that of other firms in the industry.
The firm utilizes only the resources with the lowest cost.

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