Under perfect competition, regarding short-run profit, a firm may find itself losing money. This is true because:
a. the firm was unable to pick the output that maximized profit
b. the market conditions make the highest possible profit a negative number
c. the demand for its product is weak or its costs are high
d. both b and c
d
Economics
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Refer to the table above. If the factory plans to hire a seventh worker whose marginal product is 15 pairs, the total output after he is hired will be:
A) 15 pairs. B) 105 pairs. C) 280 pairs. D) 295 pairs.
Economics
The coordination task of any economy that answers the question of how output shall be divided among consumers may best be described as
a. output selection. b. production planning. c. distribution. d. None of the above is correct.
Economics