« previous next »

Author Question: A perfectly competitive firm in the short-run maximizes its profit by producing the output where: ... (Read 130 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?

Women are two-thirds more likely than men to develop irritable bowel syndrome. This may be attributable to hormonal changes related to their menstrual cycles.

Did you know?

Eat fiber! A diet high in fiber can help lower cholesterol levels by as much as 10%.

Did you know?

Methicillin-resistant Staphylococcus aureus or MRSA was discovered in 1961 in the United Kingdom. It if often referred to as a superbug. MRSA infections cause more deaths in the United States every year than AIDS.

Methicilli ...
Did you know?

Street names for barbiturates include reds, red devils, yellow jackets, blue heavens, Christmas trees, and rainbows. They are commonly referred to as downers.

Did you know?

Carbamazepine can interfere with the results of home pregnancy tests. If you are taking carbamazepine, do not try to test for pregnancy at home.

A subdural hematoma. A meningeal vein is ruptured and blood has accumulated in the subdural space, p A subdural hematoma. A meningeal vein is ruptured and blood has accumulated in the subdural space, p
To measure fuel-injector resistance, a technician constructed a short wiring harness with a double ... To measure fuel-injector resistance, a technician constructed a short wiring harness with a double ...
Relations Between Iconic Memory, Short-Term Memory, and Long-Term Memory Relations Between Iconic Memory, Short-Term Memory, and Long-Term Memory
Firm handshake Firm handshake
The profit, p(t), made at a fair depends on the price of the ticket, t. The profit is modelled ... The profit, p(t), made at a fair depends on the price of the ticket, t. The profit is modelled ...
Experiments showing that long- or short-day plants flower in response to night length. Each horizont Experiments showing that long- or short-day plants flower in response to night length. Each horizont
Video: Digestive chemicals - types & enzymes

For a complete list of videos, visit our video library