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Author Question: In general, microeconomic theory assumes that firms attempt to maximize the difference between a. ... (Read 72 times)

saliriagwu

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on: Jul 1, 2018
In general, microeconomic theory assumes that firms attempt to maximize the difference between
 a. total revenue and accounting costs.
  b. price and marginal cost.
  c. total revenues and economic costs.
  d. economic costs and average cost.

Question 2

Technical progress will
 a. shift a firm's production function and its related cost curves.
  b. not affect the production function, but may shift cost curves.
  c. shift a firm's production function and alter its marginal revenue curve.
  d. shift a firm's production function and cause more capital (and less labor) to be hired.


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samiel-sayed

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Reply #1 on: Jul 1, 2018
Answer to Question 1

c

Answer to Question 2

a


saliriagwu

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Reply 2 on: Jul 1, 2018
Great answer, keep it coming :)

mjenn52

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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