In Response to a Decrease in the Market Demand, to Maximize

question 18

Multiple Choice

In response to a decrease in the market demand, to maximize short- run profits, managers of perfectly competitive firms will_______production by employing ______inputs.

• A)decrease; less variable
• B)increase; more fixed
• C)increase; more variable
• D)decrease; less fixed

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Definitions:

Sample Points

Individual units or observations collected from the sample, each of which represents a data point.

Department Store

A large retail store offering a wide variety of products and departments under one roof.

Merchandise

Products or goods that are bought, sold, and traded in the market, often referred to in retail contexts.

Sample Points

Represent individual observations or items selected from a larger population for the purpose of statistical analysis.