Figure 7-17
-A firm that is seeking to minimize costs to produce a certain output
A)has a fixed budget
B)has a large budget
C)wants to use the smallest possible budget possible
D)wants to use the same budget as that used last year

Question

Figure 7-17 
-A firm that is seeking to minimize costs to produce a certain output
A)has a fixed budget 
B)has a large budget 
C)wants to use the smallest possible budget possible 
D)wants to use the same budget as that used last year

Quizplus · Accepted Answer

If a firm is seeking to minimize costs to produce a certain output, then the goal is to use the smallest possible budget while still achieving the desired level of production.

Figure 7-17 -A Firm That Is Seeking to Minimize Costs to Produce