Along its long-run total cost curve, a firm is producing
a. at the output level for each plant size that has the lowest cost
b. at the minimum points of its various total cost curves
c. each level of output using the input mix that has the lowest cost
d. each level of output using the fewest possible inputs
e. at the output level for each plant size that uses the fewest possible inputs
C
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The total surplus in a market is represented by:
A) the area between the demand curve and the market price line. B) the area between the supply curve and the market price line. C) the area between the demand and supply curves and the price axis. D) the area between the demand curve and the horizontal axis.
Unexpectedly high inflation:
a. Is only a problem for private individuals and not for businesses or the government. b. Tends to redistribute income more than it harms the nation as a whole. c. Makes everyone worse off. d. Reduces business profitability. e. Is only a problem for the government.
Lewis has $5,000 worth of bonds in Farrell’s Seed Company. Bonnie has 10,000 shares of preferred stock in the company, Jeff has 100,000 shares of common stock, and Val has 1 share of common stock. If Farrell’s Seed Company goes out of business, which obligation will it be required to meet first?
a. paying Bonnie the full value of her preferred stock b. paying Jeff the dividends on his common stock c. paying Lewis the full value of his bonds d. paying Val the full value for her share of common stock
Technological improvements cause
A. The supply curve to shift to the left. B. ATC to shift down. C. P to increase. D. MC to shift up.