When there is no other way of producing a given level of output with a smaller total value of inputs, the firm is operating at:
a) maximum profit.
b) an irrelevant output.
c) maximum output.
d) minimum cost.
e) optimal output.
Ans: d) minimum cost.
Economics
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If both the price level and nominal incomes change by the same percentage: a. real GDP will remain constant
b. the aggregate supply curve will be upward-sloping. c. profit margins will change in real terms. d. the long-run aggregate supply curve will be horizontal. e. both a and d.
Economics
The only way that an economy can increase its rate of consumption in the long run is by increasing the amount that it produces
a. True b. False Indicate whether the statement is true or false
Economics