Refer to the diagram. For output level Q, per unit costs of C are:
A. unattainable and imply the inefficient use of resources.
B. unattainable, given resource prices and the current state of technology.
C. attainable, but imply the inefficient use of resources.
D. attainable and imply that resources are being combined efficiently.
C. attainable, but imply the inefficient use of resources.
You might also like to view...
If the inputs to a production process are perfect substitutes and the marginal rate of technical substitution is equal to the ratio of the prices of the two inputs, the firm can choose from a virtually infinite array of combinations of the two inputs
to minimize the costs of producing a given level of output. Indicate whether the statement is true or false
A vertical merger occurs when:
a. the products of the merging firms were not related in any manner before the merger. b. one firm is a producer of products, and the other firm is a producer of services. c. one firm is a domestic firm, and the other is a foreign company. d. the firms stood in a buyer-seller relationship before the merger. e. the merger partners were competitors.
In economic theory, the word "demand" refers to
a. the amount people are willing to purchase at various prices. b. those wants or needs that are urgent or pressing. c. wants that are economic in character rather than social, cultural, or spiritual. d. the desire of persons for a good, regardless of whether they're willing to purchase the good.
Which of the following plays an increasingly important role in the U.S. economy?
A.) International trade. B.) Manufacturing. C.) Farming. D.) Construction and mining.