In reality, a manger ________ be able to maximize the firm's profit period to period due to ________ changes to a firm's demand and/or cost.
A) will; known
B) will not; random
C) will not; known
D) will; random
B) will not; random
You might also like to view...
When considering perfect competition the absence of entry barriers implies that
A) no firm can enter the industry. B) firms can enter but cannot get out of the industry easily. C) all firms will earn economic profit. D) firms can enter and leave the industry without serious impediments.
If demand is inelastic and price is raised
A. quantity demanded will fall and total revenue will fall. B. quantity demanded will fall and total revenue will rise. C. quantity demanded will rise and total revenue will rise. D. quantity demanded will rise and total revenue will fall.
Which of the following is similar for both a competitive industry and a monopoly?
A.) The level of economic profits in the long run. B.) Continuous pressure to improve product quality. C.) Profits signal consumers' demand for more output. D.) In the long run, average total costs are minimized.
What does the Lorenz Curve illustrate about the economy?
(A) The kinds of jobs. (B) The distribution of income. (C) The causes of poverty. (D) The types of families.