Firms Try to Minimize Costs and Maximize Profits and in the Process

question 61

Multiple Choice

Firms try to minimize costs and maximize profits and in the process produce:

• A)the goods and services that buyers want at the highest possible cost.
• B)the goods and services that buyers want at the least possible cost.
• C)the maximum amount of goods or services that they are capable of producing.
• D)economically inefficient amounts of goods or services.
• E)only those goods and services which command a very high price in the market.

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Definitions:

Host Species

A species that provides a source of energy or a suitable environment for a pathogen or parasite to live and reproduce.

Equilibrium Model

A conceptual model that describes a state where dynamic processes, within an ecosystem or economy, balance over time.

Island Biogeography

The study of the species composition and species richness on islands, focusing on the size of the island and its distance from the mainland.

Immigration

Movement of individuals into a population.