Assume Robbie's Robots operates in a perfectly competitive market producing 3,000 robots per day. At this output level, the selling price is $800 per robot and the marginal cost is $825 per robot. To maximize profits, Robbie's Robots should
A. make no adjustments as they are already maximizing their profits.
B. increase their output.
C. decrease their output.
D. stop producing since it is earning a loss.
Answer: C
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You have the following data about the exchange rates between the Brazilian Real and the Guatemalan Quetzal. June 1, 2011 0.6752 Reales / Quetzales June 1, 2012 0.3481 Reales / Quetzales From this data you may conclude that
A) the Real depreciated. B) the Quetzal appreciated. C) the Quetzal depreciated. D) the Real was revalued.
U.S. monetary policy is best described as:
A. aimed at keeping inflation low and stable and growth high and stable. B. one of the most important functions of congress. C. attempting to keep inflation constant at zero percent. D. determining the denominations of a country's currency.
The labor force is defined as
A. everyone 16 years of age or older. B. the employed plus the unemployed. C. the employed minus the unemployed. D. the civilian non-institutional population over the age of 16.
Refer to Figure 3-2. A technological advancement would be represented by a movement from
A) A to B. B) B to A. C) S1 to S2. D) S2 to S1.