"Income receivers should be paid in accordance with the value of output each produces." This statement is consistent with theMultiple Choicemonopoly theory of income distribution.marginal productivity theory of income distribution.least-cost, but not profit-maximizing, combination of inputs.concept of compensating wage differences. The profit-maximizing and the least-cost combination of inputs areMultiple Choicethe result of unrelated decisions.О always identical.Оsuch that minimizing costs always results in profit maximization.such that maximizing profits always entails the least-cost combination of inputs.

1. There is a lot of connection between the profit-maximizing and least-cost combinations of inputs…

Answered: "Income receivers should be paid in…

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter2: Economic Tools And Economic Systems

Section: Chapter Questions

Problem 1.1P

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How firm choose optimum combination of inputs in short run and long run explain theoritically and graphically?
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Economic reasoning is based on the premise that O only economic decisions or actions have a cost associated with them. O only noneconomic decisions or actions have a cost associated with them. all decisions or actions have a cost associated with them. O all decisions or actions are costless. 4
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