Consider a Firm in the Long Run That Is Trying

question 56

Multiple Choice

Consider a firm in the long run that is trying to maximize its profits.It should

• A)select the most technically efficient method of production regardless of the level of production.
• B)maximize the marginal product of all factors of production.
• C)charge the highest price.
• D)minimize the cost of producing whatever level of output it chooses.
• E)charge the lowest price possible given the minimum possible cost.

---

Definitions:

Just World Hypothesis

The Just World Hypothesis is the belief that the world is a fair place and that people get what they deserve.

Conformity

The process of adjusting one's behavior or thinking to match those of other people or a group standard.

Compliance

The act of conforming to a request or demand from others, often used in a psychological context to describe when a person changes their behavior in response to an explicit or implicit request.

Obedience

The act of following orders or directions from those in authority.