A firm that engages in efficient production
A) cannot produce the same output with fewer inputs.
B) could produce the same output with fewer inputs if it wanted to.
C) is not interested in profit maximization.
D) uses old technology to minimize costs.
A
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Other things being equal, an increase in the price of ethanol will
A. increase the use of corn in ethanol production and in HFCS (another product produced from corn). B. increase the use of corn in all corn uses. C. increase the use of corn in ethanol production but decrease the use of corn in feed. D. increase the use of corn in HFCS.
An increase in economic growth in China will
A. shift the supply curve of US corn to the right. B. shift the supply curve of US corn to the left. C. shift the demand curve for US corn to the right. D. shift the demand curve for US corn to the left.