Asked by Rachel Romero on May 30, 2024
Verified
Hiring the least-costly combination of resources ensures that profits will be maximized.
Least-costly Combination
In production, using the mix of resources that minimizes cost while producing a given level of output.
- Understand the principles of least-cost combination of resources and its effects on profit maximization.
Verified Answer
BG
Bailey GrgurichJun 05, 2024
Final Answer :
False
Explanation :
Hiring the least-costly combination of resources does not guarantee profit maximization because it does not account for the productivity or the quality of the resources, which are crucial for maximizing profits.
Learning Objectives
- Understand the principles of least-cost combination of resources and its effects on profit maximization.
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