In short-run profit maximization, businesses focus on the ______, holding fixed costs constant.
A. short-term production function
B. long-term cost function
C. average input cost
D. short-term cost function
Answer: D
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Which statement best describes changes in infant mortality in the US from 1940-2005?
a. By 2005, the total infant mortality rate was about 15% of what it had been in 1940. b. The infant mortality rate is higher for whites than for blacks. c. The infant mortality rate was about twice as high in 1940 as it was in 2005. d. The infant morality rate during the first 28 days of life dropped significantly but the infant mortality rate from 28 days to 1 year remained about the same.
What method of inventory valuation should be used for economic decision-making problems?
a. book value b. original cost c. current replacement cost d. cost or market, whichever is lower e. historical cost
If the U.S. imposes a quota on cotton, then
a. both exports and imports of other goods will rise. b. exports of other goods will rise and imports of other goods will fall. c. exports of other goods will fall and imports of other goods will rise. d. both imports and exports of other goods will fall.
What of the following would most likely cause the movement from S 1 to S 2 ?
a. A country reduces its armed forces, releasing many people into the work force.
b. Rapidly spiraling medical costs force many seniors to return to work after they retire.
c. A small town collectively wins a mega-million lottery, and its citizens divide the prize
money.
d. People move into a state from a neighboring state that has high taxes and corrupt
officials.