Author Question: In general, microeconomic theory assumes that firms attempt to maximize the difference between a. ... (Read 67 times)

saliriagwu · **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.