Author Question: A firm's basic goal is best described as A) maximizing total revenue. B) maximizing sales. C) ... (Read 88 times)

luvbio · **on:** Jun 29, 2018

A firm's basic goal is best described as

A) maximizing total revenue.
B) maximizing sales.
C) maximizing profit.
D) minimizing total cost.

Question 2

In the production possibilities frontier depicted in the figure above, what is the opportunity cost of increasing the production of bananas from two million pounds to three million pounds?

A) 1/2 hat per pound of bananas
B) 1 hat per pound of bananas
C) 2 hats per pound of bananas
D) 3 hats per pound of bananas