In Arriving at the Quantity of Output and Price of Its

question 95

Multiple Choice

In arriving at the quantity of output and price of its product, a company

• A)chooses either output or price, and consumer demand determines the other.
• B)has no control over either quantity or price.
• C)makes two decisions by setting both optimal output and optimal price.
• D)generally leaves both quantity and price decisions to consumers.

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Definitions:

Public Law

The branch of law that deals with matters affecting the state or government and its relationship with individuals or other governments.

Private Law

The branch of law that deals with the relationships between individuals or organizations, as opposed to public law which deals with the state.

Prosecution

The legal party responsible for presenting the case in a criminal trial against an individual accused of breaking the law, typically representing the government.

Legal Positivism

A school of thought in jurisprudence that holds that laws are rules made by human beings and that there is no inherent or necessary connection between law and morality.