Assume a Firm Purchases Resources a and B Under Purely

question 153

Multiple Choice

Assume a firm purchases resources a and b under purely competitive conditions and combines these resources to produce X. Product X is sold in a purely competitive market. The MPs of a and b are 6 and 3, respectively, and the prices of a and b are $12 and $6, respectively. If profit-maximizing equilibrium exists, the price of X will be

• A)$1.
• B)$0.5.
• C)$2.
• D)$5.

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Definitions:

Manifest Content

In psychoanalytic theory, the apparent, literal content of a dream, as opposed to the hidden or symbolic meaning (latent content).

Latent Content

In psychoanalytic theory, the underlying, hidden meaning of dreams as opposed to their manifest content, or the literal storyline of the dream.

Cognitive Barrier

An obstruction in thought process that prevents a person from achieving a desired outcome or solving a problem efficiently.

Hypnosis

A trance-like state of focused attention and increased suggestibility, often used therapeutically to modify behaviors or relieve pain.