1fa firm employs only labor and capital in its production process, which formula best describes the least cost combination of inputs for the firm in the long run a) MPL/PL= MPK/PK b) MPL = MPK E) MRPL, = MRCL d) None of the above

14A minimum wage in a monopsony market results in a) an increase in wage rate, decrease in employment b) an increase in wage rate, increase in employment c) a decrease in wage rate, decrease in employment d) a decrease in wage rate, increase in employment