If a Firm Is Producing as Efficiently as It Knows

question 8

Multiple Choice

If a firm is producing as efficiently as it knows how,the how will the total cost function slope?

• A)Upward
• B)Downward
• C)No Slope
• D)Downward until an output threshold value, then upward
• E)Upward until an output threshold value, then downward

---

Definitions:

Hypothesis

A proposed explanation for a phenomenon, made as a starting point for further investigation.

Empiricism

The theory that knowledge comes primarily from sensory experience and that scientific methods should rely on observation and experimentation.

Variable

Something in the world that can vary and that a researcher can manipulate (change), measure (evaluate), or both.

Social Psychology

The scientific study of how individuals think, feel, and behave in a social context, encompassing a broad range of topics such as attitudes, group behavior, and social perception.