The second-order condition for a firm maximizing its profits operating in a perfectly competitive market is:
A. ? (dMC/dQ) < 0.
B. (d2?/dQ2) < 0.
C. ? (d2C(Q)/dQ2) < 0.
D. All of the statements associated with this question are correct.
Answer: D
You might also like to view...
Full-employment output is the level of output that is produced when the labor market is in equilibrium
Indicate whether the statement is true or false
What is a command economy?
What will be an ideal response?
The price elasticity of demand measures the
a. responsiveness of a good's price to a change in quantity demanded b. adaptability of suppliers when a change in demand alters the price of a good c. responsiveness of quantity demanded to a change in a good's price d. adaptability of buyers when there is a change in demand e. responsiveness of quantity supplied to a change in quantity demanded
During the period from 1945 to 1975, the debt to GDP ratio
a. remained steady. b. rose slightly. c. increased rapidly. d. fell steadily.