Automobile manufacturers produce a range of automobiles such as sports utility vehicles, luxury sedans, pickup trucks, and compact cars. What fundamental economic question are they addressing by making this range of products?
A) Who to produce automobiles for? B) How to produce goods that consumers want?
C) What to produce? D) Why produce a variety of automobiles?
C
Economics
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Let MP = marginal product, P = output price, and W = wage, then the equation that represents a situation where a competitive firm should lay off some workers to maximize profits is
A) P × MP > W. B) P × MP < W. C) MP × W = P. D) P × MP = W.
Economics
In an options contract, another name for the strike price is the
A) market price. B) exercise price. C) equilibrium price. D) fixed price.
Economics