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.

Recognize the factors that can lead to wage differentials in a competitive labor market.

Identify scenarios where discrimination might persist despite competitive market pressures.

Understand how consumer preferences can influence market outcomes related to discrimination.

Analyze the role of human capital in explaining wage differences.

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Definitions:

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