To maximize expected profit, a perfectly competitive firm with a random marginal cost and random demand should produce at the level that sets ________ equal to ________.
A) expected marginal revenue; marginal cost
B) marginal revenue; expected marginal cost
C) expected marginal revenue; expected marginal cost
D) marginal revenue; marginal cost
C) expected marginal revenue; expected marginal cost
You might also like to view...
In 1 hour, Robinson Crusoe can either shoot 4 birds or catch 4 fish. A typical native on a nearby island can either shoot 5 birds or catch 10 fish in an hour's time. Which of the following is true according to the doctrine of comparative advantage?
a. Crusoe will be better off if he specializes in either activity and then trades with the natives. b. The natives have a comparative advantage in both shooting birds and catching fish, so Crusoe cannot make himself better off by trading with the natives. c. Crusoe should concentrate on shooting birds and then trade with the natives to obtain fish. d. Crusoe should spend his time catching fish, and he should trade with the natives to obtain birds.
Claudia's Copy Shop is deciding which 3-D printer to purchase, and it only has room for one printer
It can purchase the "Mini-Me" small-object printer, which would generate benefits of $50,000 at a cost of $5,000, or it can purchase the "Gargantuan" large-object printer which would generate benefits of $250,000 at a cost of $25,000. Based on these numbers, Claudia's Copy Shop should purchase A) the "Mini-Me" printer. B) the "Gargantuan" printer. C) either printer, since the cost of each is exactly 10 percent of the benefit from each. D) neither printer, since the cost of each is too high for a 3-D printer.
All of the following are nontransaction deposits EXCEPT
A) savings accounts. B) small-denomination time deposits. C) checkable deposits. D) certificates of deposit.
Inoculations of children against infectious diseases are
A. an example of a public good. B. dangerous for society. C. an example of an external cost. D. an example of an external benefit.