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f a firm's production function is Leontief and the wage rate goes up, the: Multiple Choice firm must use more labor in order to minimize

f a firm's production function is Leontief and the wage rate goes up, the:

Multiple Choice

  • firm must use more labor in order to minimize the cost of producing a given level of output.
  • firm must use more capital in order to minimize the cost of producing a given level of output.
  • firm must use less labor in order to minimize the cost of producing a given level of output.
  • cost minimizing combination of capital and labor does not change.

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