Answer:
The total cost of producing a given level of output is:____.
d. minimized when the ratio of marginal product to input price is equal for all inputs.
Explanation:
With the above situation, the marginal cost (input price) = the marginal revenue (marginal product). The producer can then maximize profit if it can lower its average total cost per unit below the marginal cost for producing one additional unit of its product. In all cost situations, it is better for the producer to have the total revenue exceeding the total costs, at all times, but more especially with increasing production.
Not choosing the correct business organization to set up would become very costly for an individual hoping to start operations and this would result in business failure even before the business began operations.
The scenario that best sets the stage for economic growth is The percentage of Pennsylvania residents with a college degree rises from 25% to 30%.
<h3>What would lead to economic growth?</h3>
There are several things that can lead to economic growth and one of them is the increase in the quality of human capital.
If human capital in a place are able to become more educated and skilled in production, then there would be a good chance of production improving and economic growth coming. This is why a greater percentage of Pennsylvania residents having college degrees would lead to economic growth.
Options for this question include:
- The unemployment rate in Pennsylvania rises from 5% to 6%.
- The percentage of Pennsylvania residents with a college degree rises from 25% to 30%.
- The United States imports more and more low-cost steel from Asian countries.
- The Northeast has a devastating drought.
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Laws are created by the legislative branch, but the President, who is part of the executive branch, has the power to veto them.
<h3>How do the legislative and executive branches work together?</h3>
- The day-to-day administration and enforcement of Federal legislation is the duty of the executive branch, through the Federal agencies. The aims and responsibilities of these federal ministries and agencies range greatly, from safeguarding the environment to securing the country's borders.
- A statute may be subject to the President's veto in the executive branch, but with enough votes, the legislative branch can override the veto.
- The legislative branch has the authority to ratify presidential appointments, manage the budget, impeach the president and force their resignation.
- Executive orders, which are akin to proclamations and have legal effect, can be declared by the executive branch, but they can also be ruled unlawful by the judicial branch.
Learn more about legislative and executive branches here:
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