When a competitive firm has reached a level of output at which the marginal revenue product of each input is equal to the price of that input it:
A) is producing that output at least possible cost, but is not necessarily at maximum-profit output level.
B) is at its maximum-profit output level, but is not necessarily producing that output at least possible cost.
C) is at maximum-profit output level and is producing that output at least possible cost.
D) is not necessarily either at maximum-profit level of output or at least possible cost for that output.
E) is none of the above.
Correct Answer:
Verified
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A)explains how power
Q14: A firm achieves least-cost in production by
Q15: Derived demand means:
A)consumer demands.
B)demand added to other
Q16: You are given the following information with
Q17: Wealth consists of :
A)the net dollar value
Q19: The government provides incomes for some in
Q20: The theory of income distribution is most
Q21: Use the following to answer questions :
Figure
Q22: Use the following to answer questions :
Figure
Q23: Suppose the firm in the table above
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