49. Answer the question on the of the following information: Suppose 30 units of product A can be produced by employing just labor and capital in the four ways shown below. Assume the prices of labor and capital are $2 and $3 respectively. Refer to the information. Which technique is economically most efficient in producing A? 50. Answer the question on the basis of the following information: Suppose 30 units of product A can be produced by employing just labor and capital in the four ways shown below. Assume the prices of labor and capital are $2 and $3 respectively. Refer to the information. If the price of product A is $0.50, the firm will realize: 51. In a competitive market economy, firms select the least-cost production technique because: 52. The market system's answer to the fundamental question "What will be produced?" is essentially:
49. Answer the question on the of the following information: Suppose 30 units of product A can be produced by employing just labor and capital in the four ways shown below. Assume the prices of labor and capital are $2 and $3 respectively. Refer to the information. Which technique is economically most efficient in producing A? 50. Answer the question on the basis of the following information: Suppose 30 units of product A can be produced by employing just labor and capital in the four ways shown below. Assume the prices of labor and capital are $2 and $3 respectively. Refer to the information. If the price of product A is $0.50, the firm will realize: 51. In a competitive market economy, firms select the least-cost production technique because: 52. The market system's answer to the fundamental question "What will be produced?" is essentially:
Test-bank-for-Microeconomics-20th-edition-Campbell-R-McConnell.docx