« previous next »

Author Question: A perfectly competitive firm in the short-run maximizes its profit by producing the output where: ... (Read 109 times)

dejastew

  • Hero Member
  • *****
  • Posts: 562
on: Jun 30, 2018
A perfectly competitive firm in the short-run maximizes its profit by producing the output where:
 a. marginal cost equals price.
  b. marginal cost equals marginal revenue.
  c. total revenue minus total cost is at a maximum.
  d. all of these.

Question 2

If a good is inferior in an economic sense, income elasticity will:
 a. be less than one.
  b. exceed one.
  c. be zero.
  d. be inelastic.
  e. be negative.


nikmaaacs

  • Sr. Member
  • ****
  • Posts: 335
Reply #1 on: Jun 30, 2018
Answer to Question 1

d

Answer to Question 2

e


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Your chance of developing a kidney stone is 1 in 10. In recent years, approximately 3.7 million people in the United States were diagnosed with a kidney disease.

Did you know?

Liver spots have nothing whatsoever to do with the liver. They are a type of freckles commonly seen in older adults who have been out in the sun without sufficient sunscreen.

Did you know?

Walt Disney helped combat malaria by making an animated film in 1943 called The Winged Scourge. This short film starred the seven dwarfs and taught children that mosquitos transmit malaria, which is a very bad disease. It advocated the killing of mosquitos to stop the disease.

Did you know?

Drug-induced pharmacodynamic effects manifested in older adults include drug-induced renal toxicity, which can be a major factor when these adults are experiencing other kidney problems.

Did you know?

Pope Sylvester II tried to introduce Arabic numbers into Europe between the years 999 and 1003, but their use did not catch on for a few more centuries, and Roman numerals continued to be the primary number system.

All computer systems perform four basic functions: input, processing, storage, and output. All computer systems perform four basic functions: input, processing, storage, and output.
A typical output driver. In this case, the PCM applies voltage to the fuel pump relay coil to ... A typical output driver. In this case, the PCM applies voltage to the fuel pump relay coil to ...
To measure fuel-injector resistance, a technician constructed a short wiring harness with a double ... To measure fuel-injector resistance, a technician constructed a short wiring harness with a double ...
A substrate and its competitive inhibitor A substrate and its competitive inhibitor
Possible Sources of Differences in Output per Worker Possible Sources of Differences in Output per Worker
Inferring Productivity from Data on Output and Factor Accumulation Inferring Productivity from Data on Output and Factor Accumulation
Video: How does asthma work?And How do you treat asthma?

For a complete list of videos, visit our video library