The specific technology chosen by a profit-maximizing clothing manufacturer depends on
A. demand for the output.
B. supply of the output.
C. input prices.
D. output prices.
Answer: C
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The above figure shows the market demand curve for telecommunication while driving one's car (time spent on the car phone). At the current price of $0.35 per minute, consumer surplus equals
A) $301.00. B) $924.50. C) $1,225.50. D) $1,250.00.
According to Friedman, in which of the following situations is the economy in long-run equilibrium?
A) The average inflation rate over the past five years is 2 percent and the expected inflation rate is 2 percent. B) The expected economic growth rate is 3 percent and the actual inflation rate is 3 percent. C) The expected economic growth rate is 2 percent and the expected inflation rate is 2 percent. D) The expected inflation rate is 3 percent and the actual inflation rate is 3 percent.
For a constrained minimization problem, the decision maker
A. is constrained by the choice set of values for the activities. B. seeks to minimize the cost of achieving a specific goal. C. is constrained by the specific amount of total benefits. D. all of the above E. none of the above
Which of the following are common barriers to entry?
A) economies of scale B) absolute unit-cost advantages C) capital access and costs D) all of the above