Author Question: A profit-maximizing, price-taking firm should cease production whenever: a. the firm is making a ... (Read 248 times)

Awilson837 · **on:** Jun 30, 2018

A profit-maximizing, price-taking firm should cease production whenever:
a. the firm is making a loss.
b. the firm is earning zero economic profit.
c. the price is less than minimum average fixed cost.
d. the price is less than minimum average variable cost.

Question 2

The allocations of goods and services from one group in a society to another are called:
a. mutually voluntary exchanges.
b. in-kind transfers.
c. grants.
d. economic rents.
e. transfer earnings.