Multiple Choice
In the long run a firm will attempt to
A) minimize average variable costs
B) maximize profits subject to an output constraint
C) minimize total costs subject to an input constraint
D) minimize total costs subject to an output constraint
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q73: The Marginal Rate of Technical Substitution diminishes
Q74: For a firm that experiences decreasing returns
Q75: When there are many inputs, a firm
Q76: When the price of a resource increases,
Q77: A change in the relative price of
Q79: Suppose that Company X has a production
Q80: Long run total costs are always:<br>A)a function
Q81: A producer has a production function given
Q82: An isoquant may be defined as a
Q83: Which of the following is an example