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The cost of producing a given level of output is minimized

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Reference no: EM13998571

The cost of producing a given level of output is minimized

(a) on the inelastic part of the long-run demand curve

(b) where the ratio of factor prices equals the marginal rate of technical substitution

(c) where the wage rate equals the slope of the isoquant

(d) where the ratio of factor prices equals the slope of the isocost line

Reference no: EM13998571

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