Asked by Tiffany McClendon on Jul 18, 2024
Verified
The "least-cost combination of resources" to produce a given amount of output means that the output is produced at the lowest
A) ATC for that output.
B) MC for that output.
C) P of that output.
D) TR of that output.
Least-Cost Combination
The least-cost combination is an economic principle that refers to the mix of factors of production that minimizes costs for a given level of output.
Resources
Inputs used in the production of goods and services, such as labor, capital, land, and entrepreneurship.
Output
The total amount of goods or services produced by a company, industry, or economy over a specific period of time.
- Grasp the association between cost-efficient input blends and their influence on an organization's overall costs and economic earnings.
Verified Answer
HM
Haloula MakdahJul 24, 2024
Final Answer :
A
Explanation :
The "least-cost combination of resources" to produce a given amount of output means that the output is produced at the lowest Average Total Cost (ATC) for that output. This involves minimizing the cost of production inputs to achieve cost efficiency while maintaining the desired level of output.
Learning Objectives
- Grasp the association between cost-efficient input blends and their influence on an organization's overall costs and economic earnings.