This topic contains a solution. Click here to go to the answer

Author Question: A perfectly competitive firm maximizes profits or minimizes losses in the short-run by producing at ... (Read 81 times)

chandani

  • Hero Member
  • *****
  • Posts: 541
A perfectly competitive firm maximizes profits or minimizes losses in the short-run by producing at the output level at which:
 a. marginal revenue equals marginal cost.
  b. total revenue equals total cost.
  c. total revenue is at a maximum.
  d. none of these.

Question 2

When economists look at the percentage change in quantity demanded generated by a change in income, they are looking at:
 a. price elasticity of demand.
  b. income elasticity of demand.
  c. price elasticity of supply.
  d. cross elasticity of demand.
  e. cross elasticity of supply.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

nital

  • Sr. Member
  • ****
  • Posts: 320
Answer to Question 1

a

Answer to Question 2

b




chandani

  • Member
  • Posts: 541
Reply 2 on: Jun 30, 2018
Thanks for the timely response, appreciate it


apple

  • Member
  • Posts: 352
Reply 3 on: Yesterday
Excellent

 

Did you know?

The term bacteria was devised in the 19th century by German biologist Ferdinand Cohn. He based it on the Greek word "bakterion" meaning a small rod or staff. Cohn is considered to be the father of modern bacteriology.

Did you know?

You should not take more than 1,000 mg of vitamin E per day. Doses above this amount increase the risk of bleeding problems that can lead to a stroke.

Did you know?

The people with the highest levels of LDL are Mexican American males and non-Hispanic black females.

Did you know?

The term pharmacology is derived from the Greek words pharmakon("claim, medicine, poison, or remedy") and logos ("study").

Did you know?

Although puberty usually occurs in the early teenage years, the world's youngest parents were two Chinese children who had their first baby when they were 8 and 9 years of age.

For a complete list of videos, visit our video library