Refer to the diagram. If a firm produces output Q 1 at a unit cost of c, then the:
A. firm is operating in a purely competitive industry.
B. firm is maximizing profits.
C. marginal product per dollar's worth of each resource employed is not the same.
D. firm is fulfilling the least-cost rule in employing resources.
C. marginal product per dollar's worth of each resource employed is not the same.
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Use the aggregate expenditures model and the following values to answer the next question.AMPCIGT$3500.75$400$400$200Determine equilibrium real GDP for this economy.
A. $4,600 B. $5,400 C. $3,800 D. $4,000
The four largest firms account for approximately 90% of U.S. beer sales. The U.S. beer industry would be best classified as a(n)
A. monopoly. B. monopolistically competitive industry. C. perfectly competitive industry. D. oligopoly.