A firm that engages in efficient production
A) cannot produce the same output with fewer inputs.
B) could produce the same output with fewer inputs if it wanted to.
C) is not interested in profit maximization.
D) uses old technology to minimize costs.
A
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The National Recovery Act:
a. largely redistributed rather than expanded incomes. b. cut unemployment in half. c. was declared unconstitutional by the Supreme Court. d. Both a and b are correct. e. Both a and c are correct.
Why might a favorable change in the economy, such as technological improvement or a decrease in the price of imported oil, be associated with an increase in frictional unemployment?
Only a firm with ________ will be able to make their output profitably.
A. the highest opportunity cost of production B. low variable costs C. a comparative advantage at producing their output D. an absolute advantage at producing their output
Suppose sport utility vehicles get poor gas mileage compared to other available cars. If the price of gasoline increases, then one would expect:
A. the demand for gasoline to decrease. B. the quantity demanded of sport utility vehicles to decrease. C. the demand for sport utility vehicles to decrease. D. the demand for sport utility vehicles to increase.