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Author Question: A competitive firm maximizes its profits (or minimizes is losses) by producing the quantity where ... (Read 33 times)

jasdeep_brar

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on: Jun 30, 2018
A competitive firm maximizes its profits (or minimizes is losses) by producing the quantity where the market price equals the firm's:
 a. marginal cost.
  b. average total cost.
  c. average variable cost.
  d. average fixed cost.

Question 2

The Smith family buys much more macaroni when someone in the family is laid off. This means that the Smiths' ____ is negative.
 a. demand curve for macaroni
  b. income elasticity for macaroni
  c. Engel's law
  d. income
  e. price elasticity of demand for macaroni


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mohan

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Reply #1 on: Jun 30, 2018
Answer to Question 1

a

Answer to Question 2

b


jasdeep_brar

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Reply #2 on: Jun 30, 2018
Correct answers!


mohan

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Reply #3 on: Jun 30, 2018
Great! Please up vote :D


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