Order to minimize costs of producing given level of output

Reference no: EM13684692

If the price of labor decreases, in order to minimize the costs of producing a given level of output, the firm manager should use:

1. Less of labor and less of capital

2. Less of labor and more of capital

3. More of labor and less of capital

4. More of labor and more of capital

Reference no: EM13684692

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