A competitive firm maximizes its profits (or minimizes is losses) by producing the quantity where the market price equals the firm's:
a. marginal cost.
b. average total cost.
c. average variable cost.
d. average fixed cost.
a
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Expansionary monetary policy consists of all of the following EXCEPT
A) open market sales. B) lower interest rates. C) increased monetary base. D) increased money supply.
Which of the following statements is incorrect with respect to the balance of payments?
a. It constitutes a record of transactions between residents within one country. b. It consists of a current account, a capital account, and an account to record omissions and errors. c. Transactions that result in a demand for domestic currency are always entered as a credit. d. It must balance in the aggregate, but separate accounts can show deficits or surpluses. e. It constitutes a record of a country's trade in goods and services and financial assets.