Technological efficiency is
A) a necessary and sufficient condition for profit maximization.
B) a sufficient but not necessary condition for profit maximization.
C) a necessary but not sufficient condition for profit maximization.
D) a theoretical construct with little connection to the real world.
C
You might also like to view...
If the price of gasoline increases and the price of food remains the same, then real income measured in terms of
A) gasoline increases. B) gasoline decreases. C) food increases. D) food decreases.
According to the traditional interest-rate channel, expansionary monetary policy lowers the real interest rate, thereby raising expenditure on
A) business fixed investment. B) government expenditure. C) consumer nondurables. D) net exports.
A binding price ceiling means that:
A. there is currently a surplus of the relevant product. B. government wants to stop a deflationary spiral. C. government is imposing a legal price that is typically below the equilibrium price. D. government is imposing a legal price that is typically above the equilibrium price.
Refer to the information provided in Table 31.2 below to answer the question(s) that follow.Table 31.2PeriodQuantity of Labor (L)Quantity of Capital (K)Total Output (Y)1 50 50 2002 50 60 2153 50 70 2254 50 80 230Refer to Table 31.2. From Period 2 to Period 3, the marginal return to capital is equal to
A. 1.0. B. 2.0. C. 3.21. D. 3.58.