Economic efficiency necessarily occurs when the firm
A) produces a given output at least cost.
B) produces a given output by using the least inputs.
C) earns a normal profit.
D) earns an economic profit.
A
Economics
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Marginal cost is calculated as
A) total cost divided by output. B) the increase in total cost divided by the increase in output. C) the increase in total cost divided by the increase in labor, given the amount of capital. D) total cost minus total fixed cost.
Economics
Which factor of production receives the greatest share of the U.S. national income?
a. land b. labor c. capital d. entrepreneurship
Economics