Refer to the diagram. If a firm produces output Q 1 at a unit cost of b, then the:
A. firm is not fulfilling the least-cost rule in employing resources.
B. firm may or may not be maximizing profits.
C. marginal product per dollar's worth of each resource employed is not the same.
D. firm has achieved minimum efficient scale.
B. firm may or may not be maximizing profits.
Economics
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A marginally attached worker
i. does not have a job and has not looked for one in the last month. ii. is available and willing to work. iii. must work at least 1 hour per week. A) iii only B) ii only C) ii and iii D) i and ii E) i only
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In Figure 6-3(b), as price falls from $15 to $6, total expenditure
A. falls. B. increases. C. remains constant. D. first falls and then increases.
Economics