Technological efficiency is

A) a necessary and sufficient condition for profit maximization.
B) a sufficient but not necessary condition for profit maximization.
C) a necessary but not sufficient condition for profit maximization.
D) a theoretical construct with little connection to the real world.

C

Economics

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Stampp (1976) finds evidence to suggest that the Southern slave owners were operating at losses, not profits

Indicate whether the statement is true or false

Economics

Imposition of an output tax on all firms in a competitive industry will result in

A) a downward shift in each firm's marginal cost curve. B) a downward shift in each firm's average cost curve. C) a leftward shift in the market supply curve. D) the entry of new firms into the industry. E) higher profits for the industry as price rises.

Economics