Firms face trade-offs in production, including decisions related to:
A how much of a particular product to produce.
B which products to produce.
C the best way to produce a given amount of output.
D all of the above
D all of the above
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In a diagram showing the average total cost and average variable cost curves, the minimum point of the average total cost is
A) at the same level of output as the maximum of the total product curve. B) at a lower level of output than the minimum point of the average variable cost. C) at a larger level of output than the minimum point of the average variable cost. D) at the same level of output as the minimum point of the average variable cost.
A company finds that at the output level at which marginal cost equals marginal revenue, TC = $500, TVC = $400, and TR = $450. Your advice to the firm is
A) shut down, as TC > TR. B) reduce output to reduce the cost of production. C) increase output to reduce the per unit cost of production. D) continue to produce because loss is less than TFC.
Goods and services given to the poor such as food stamps, housing vouchers, and medical services are called
The Triple Aim seeks to improve patients' experiences of care, improve population health, and reduce per capita costs.
a. true b. false