A firm that maximizes its profits by producing a certain level of output must also:
a) maximize its revenue.
b) minimize its variable costs.
c) maximize its output
d) maximize its sales.
e) minimize its cost of producing that output.
Ans: e) minimize its cost of producing that output.
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Indicate whether the statement is true or false
After 1970, the share of federal spending allocated to national defense:
a. declined sharply, while the share allocated to income security increased substantially. b. rose sharply, while the share allocated to income security declined substantially. c. was relatively constant, while the share allocated to income security declined modestly. d. declined modestly, while the share allocated to income security was relatively constant.