Author Question: In the resource market, firms demand resources in order to a. maximize profit b. maximize total ... (Read 175 times)

Tirant22 · **on:** Jun 30, 2018

In the resource market, firms demand resources in order to
a. maximize profit
b. maximize total revenue
c. maximize marginal revenue
d. maximize utility
e. minimize cost

Question 2

The socially optimal level of output of a good with an externality occurs when
a. the marginal private costs of production are equal to marginal private revenues
b. the firm maximizes its profits
c. the consumer maximizes his or her utility
d. the marginal social cost of production equals the marginal social benefit of the good
e. the firm is making a normal profit