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Cost-Minimizing Combination of Labor and Capital
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Problem 10
Cost-Minimizing Combination of Labor and Capital
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10. The Costs of Production / Cost-Minimizing Combination of Labor and Capital / Problem 3
Problem 3
How does an increase in the price of labor affect the isocost curve?
A
The isocost curve shifts inward.
B
The isocost curve becomes steeper.
C
The isocost curve becomes flatter.
D
The isocost curve shifts outward.
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