When a firm has maximized profits
A) it has also minimized total costs.
B) the marginal product of each input is also maximized.
C) the marginal physical product is greater than the input price for all inputs.
D) its marginal cost is zero.
A
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What is an oligopoly? Give two examples of oligopolistic industries in the United States
What will be an ideal response?
Compared to the situation during the first 125 years of the United States (1790-1915), today total government expenditures are ____ share of the economy, and a greater proportion of those expenditures take place at the ____ level(s)
a. a smaller; federal b. about the same; federal c. a larger; federal d. a larger; state and local
Which of the following represents the key difference between the short run and the long run?
a. In the short run at least one of the firm's resources is fixed, while in the long run all resources under the firm's control are variable. b. The short run corresponds to the anticipated remaining life span of the owner/entrepreneur. c. In the long run at least one of the firm's resources is fixed, while in the short run all resources under the firm's control are variable. d. In the long run at least one of the firm's resources is fixed, while in the short run all resources under the firm's control are fixed.
As chief financial officer you sell newly issued bonds on behalf of your firm. Your firm is
a. borrowing directly. b. borrowing indirectly. c. lending directly. d. lending indirectly.