If a Price Taker in a Competitive Market Is Going

question 182

Multiple Choice

If a price taker in a competitive market is going to maximize profits, he must

• A) increase the price of his product.
• B) minimize his fixed costs of production.
• C) minimize the per-unit cost of producing the good.
• D) use the highest valued set of resources to produce his product.

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Definitions:

Aldosterone

A hormone produced by the adrenal glands that regulates sodium and potassium levels in the blood, thereby controlling blood pressure and the balance of fluids in the body.

Hypernatremia

Abnormally high plasma concentration of sodium ions.

Oversecretion

The production and release of a substance, such as a hormone or enzyme, in greater amounts than normal or necessary, often leading to various physiological imbalances or conditions.

Thirst Regulation

The physiological mechanisms controlling the desire to drink fluids, largely governed by hypothalamic activity.