If a price taker in a competitive market is going to maximize profits, he must
a. increase the price of his product.
b. minimize his fixed costs of production.
c. minimize the per-unit cost of producing the good.
d. use the highest valued set of resources to produce his product.
C
Economics
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The ________ is the price of one good ________ the price of another good
A) relative price; times B) relative price; divided by C) budget; times D) budget; divided by
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The equilibrium quantity in the above figure is
A) 200 units. B) 300 units. C) 400 units. D) 600 units.
Economics