« previous next »

Author Question: A firm's long run cost is the cost of production when the firm A) calculates its cost at least ... (Read 116 times)

cdr_15

  • Hero Member
  • *****
  • Posts: 546
on: Jun 29, 2018
A firm's long run cost is the cost of production when the firm
 
  A) calculates its cost at least one year into the future.
  B) adds together all of its short run costs.
  C) uses the economically efficient quantities for its plant and its labor.
  D) can vary the amount of output it produces.

Question 2

The above figure shows the market for labor. The employer is a monopsony. The firm will maximize its profit by hiring 400 hours of labor because at that point
 
  A) MCL > W.
  B) VMP > W.
  C) MCL > VMP.
  D) MCL = VMP.


apple

  • Sr. Member
  • ****
  • Posts: 352
Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

D


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

The average adult has about 21 square feet of skin.

Did you know?

Acetaminophen (Tylenol) in overdose can seriously damage the liver. It should never be taken by people who use alcohol heavily; it can result in severe liver damage and even a condition requiring a liver transplant.

Did you know?

The Centers for Disease Control and Prevention has released reports detailing the deaths of infants (younger than 1 year of age) who died after being given cold and cough medications. This underscores the importance of educating parents that children younger than 2 years of age should never be given over-the-counter cold and cough medications without consulting their physicians.

Did you know?

All patients with hyperparathyroidism will develop osteoporosis. The parathyroid glands maintain blood calcium within the normal range. All patients with this disease will continue to lose calcium from their bones every day, and there is no way to prevent the development of osteoporosis as a result.

Did you know?

About 3% of all pregnant women will give birth to twins, which is an increase in rate of nearly 60% since the early 1980s.

Greenstick Only one side of the shaft is broken, and the other is bent (like a greenstick); usually Greenstick Only one side of the shaft is broken, and the other is bent (like a greenstick); usually
Blocked at every turn by congressional Republicans who hated him, President Obama turned to techniqu Blocked at every turn by congressional Republicans who hated him, President Obama turned to techniqu
In 2013, Americans learned that the federal government massively surveys their phone calls and e-mai In 2013, Americans learned that the federal government massively surveys their phone calls and e-mai
Types of Long-Term Memories Types of Long-Term Memories
The Hotair long noncoding RNA regulates chromatin The Hotair long noncoding RNA regulates chromatin
Video: Electrocardiogram Examination

For a complete list of videos, visit our video library