The price equals marginal cost rule for profit maximization is a specific example of which core principle?
A. The Principle of Comparative Advantage
B. The Cost-Benefit Principle
C. The Scarcity Principle
D. The Efficiency Principle
Answer: B
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In part, microeconomics is concerned with
A) how a business firm decides upon the amount it produces and the price it sets. B) changes in the economy's total output of goods and services over long periods of time. C) factors that explain changes in the unemployment rate over time. D) the Federal Reserve's policy decisions.
What is the relationship between net borrower, net lender, debtor nation, and creditor nation?
What will be an ideal response?
The Social Security tax is considered to be a
A) regressive tax. B) progressive tax. C) proportional tax. D) marginal tax.
If a union establishes by collective bargaining a wage rate that is above a competitive market equilibrium wage rate, then
A) an excess quantity of labor will be supplied. B) a shortage of labor will result. C) there will be an increase in total employment. D) management will want to substitute labor for machinery.