The combinations of factor prices that allow a cost-minimizing firm to achieve a given cost per unit of output. Equally, the combinations of factor prices that allow a competitive, profit-maximizing firm to achieve a given level of profit.
Reference: Oxford Press Dictonary of Economics, 5th edt.
Register with one of our recommended partners now
By completing this form I understand that I am going to be redirected to a 3rd party trading partner and that my personal information will be shared.