Suppose a firm finds that an additional dollar spent on labor increases output
16) Suppose a firm finds that an additional dollar spent on labor increases output more than does an additional dollar spent on machines. Under these conditions, the firm
a) should substitute machines for labor if it wants to increase economic efficiency
b) should substitute labor for machines if it wants to increase economic efficiency
c) is technically efficient
d) is economically efficient
17) State what type of business combination is occurring in the following scenario:
A tobacco producer buys a carbonated beverage plant.
a) Horizontal merger
b) Vertical merger
d) Joint venture
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