A profit-seeking firm will choose the combination of inputs that maximizes profit, based on the:
A. ratio of each factor of production.
B. substitutability of each factor of production.
C. local price of each factor of production.
D. total productivity of each factor of production.
C. local price of each factor of production.
Economics
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Which of the following can be a renewable resource?
a. oil b. timber c. coal d. iron ore e. uranium
Economics
Every year, the government of Yuki’s country invests in physical capital. As a result, the country’s production possibilities curve ______.
a. is rendered obsolete
b. is unaffected
c. shifts downward
d. shifts outward
Economics