« 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 108 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?

Since 1988, the CDC has reported a 99% reduction in bacterial meningitis caused by Haemophilus influenzae, due to the introduction of the vaccine against it.

Did you know?

A serious new warning has been established for pregnant women against taking ACE inhibitors during pregnancy. In the study, the risk of major birth defects in children whose mothers took ACE inhibitors during the first trimester was nearly three times higher than in children whose mothers didn't take ACE inhibitors. Physicians can prescribe alternative medications for pregnant women who have symptoms of high blood pressure.

Did you know?

In 1886, William Bates reported on the discovery of a substance produced by the adrenal gland that turned out to be epinephrine (adrenaline). In 1904, this drug was first artificially synthesized by Friedrich Stolz.

Did you know?

Many supplement containers do not even contain what their labels say. There are many documented reports of products containing much less, or more, that what is listed on their labels. They may also contain undisclosed prescription drugs and even contaminants.

Did you know?

A headache when you wake up in the morning is indicative of sinusitis. Other symptoms of sinusitis can include fever, weakness, tiredness, a cough that may be more severe at night, and a runny nose or nasal congestion.

Long-term studies of the Glanville fritillary butterfly, Melitaea cinxia, have provided exceptional Long-term studies of the Glanville fritillary butterfly, Melitaea cinxia, have provided exceptional
Solution (Polynomial Long Division) Solution (Polynomial Long Division)
Long Term Control Medications Long Term Control Medications
Greet a First-Time Client With a Firm Handshake. Greet a First-Time Client With a Firm Handshake.
Production of ATP in Skeletal Muscle Production of ATP in Skeletal Muscle
The production of a new allopolyploid species The production of a new allopolyploid species
Video: Introduction to Autism

For a complete list of videos, visit our video library