« previous next »

Author Question: A perfectly competitive firm in the short-run maximizes its profit by producing the output where: ... (Read 53 times)

dejastew

  • Hero Member
  • *****
  • Posts: 562
on: Jun 30, 2018
A perfectly competitive firm in the short-run maximizes its profit by producing the output where:
 a. marginal cost equals price.
  b. marginal cost equals marginal revenue.
  c. total revenue minus total cost is at a maximum.
  d. all of these.

Question 2

If a good is inferior in an economic sense, income elasticity will:
 a. be less than one.
  b. exceed one.
  c. be zero.
  d. be inelastic.
  e. be negative.


nikmaaacs

  • Sr. Member
  • ****
  • Posts: 335
Reply #1 on: Jun 30, 2018
Answer to Question 1

d

Answer to Question 2

e


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

It is difficult to obtain enough calcium without consuming milk or other dairy foods.

Did you know?

Drugs are in development that may cure asthma and hay fever once and for all. They target leukotrienes, which are known to cause tightening of the air passages in the lungs and increase mucus productions in nasal passages.

Did you know?

Never take aspirin without food because it is likely to irritate your stomach. Never give aspirin to children under age 12. Overdoses of aspirin have the potential to cause deafness.

Did you know?

Before a vaccine is licensed in the USA, the Food and Drug Administration (FDA) reviews it for safety and effectiveness. The CDC then reviews all studies again, as well as the American Academy of Pediatrics and the American Academy of Family Physicians. Every lot of vaccine is tested before administration to the public, and the FDA regularly inspects vaccine manufacturers' facilities.

Did you know?

No drugs are available to relieve parathyroid disease. Parathyroid disease is caused by a parathyroid tumor, and it needs to be removed by surgery.

An analogy for how cardiac output, resistance, and blood pressure are related. An analogy for how cardiac output, resistance, and blood pressure are related.
A Tibetan wolf killed in 1938. Note the proportionately short legs A Tibetan wolf killed in 1938. Note the proportionately short legs
The testes. In addition to producing sperm, the testes secrete the male sex hormones, primarily test The testes. In addition to producing sperm, the testes secrete the male sex hormones, primarily test
competitive inhibition competitive inhibition
The relationship between the permissible exposure limit (PEL), the short-term exposure limit (STEL), ... The relationship between the permissible exposure limit (PEL), the short-term exposure limit (STEL), ...
Mutation of Raly and Agouti producing yellow coat Mutation of Raly and Agouti producing yellow coat
Video: Embryonic development - Week 4

For a complete list of videos, visit our video library