If the product derivedfrom the last dollar spent on labor is less than the produ

Question

If the product derivedfrom the last dollar spent on labor is less than the productderived from the last dollar spent on capital, then thefirm a. should use more labor andless capital to minimize costs b. is minimizingcosts. c. should use less labor andmore capital to minimize costs. d. should increase the pricepaid to labor and decrease the price paid to capital to minimizecosts If the product derivedfrom the last dollar spent on labor is less than the productderived from the last dollar spent on capital, then thefirm a. should use more labor andless capital to minimize costs b. is minimizingcosts. c. should use less labor andmore capital to minimize costs. d. should increase the pricepaid to labor and decrease the price paid to capital to minimizecosts d. should increase the pricepaid to labor and decrease the price paid to capital to minimizecosts

Explanation / Answer

C) should use less laborand more capital to minimize costs. This is because you are getting less for your moneyspent on labor than for money spent on capital.

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