True of False 18. If alternative combinations of capital and labor can be used t

Question

True of False 18. If alternative combinations of capital and labor can be used to produce the optimal level of output, a firm will select the input combination with the lowest cost in order to maximize profits. 19. For firms to maximize their profit, they need to produce their output using the least costly combination of inputs. 20. A firm should undertake production or hiring of a factor only up to the point where the marginal cost of that production or that factor usage is equal to the marginal benefit from that production or that factor usage.

Explanation / Answer

18 ) true 19) true 20 ) true

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