In the Long Run,a Profit-Maximizing Firm Produces Any Given Level

question 118

Multiple Choice

In the long run,a profit-maximizing firm produces any given level of output by choosing the production method that

• A)maximizes the marginal product of all factors.
• B)equates the marginal product of all factors.
• C)equates the average cost per unit of all factors.
• D)is associated with a flat total cost curve.
• E)produces that output at the lowest possible cost.

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Definitions:

Recover Money

The act or process of legally reclaiming monetary losses or damages through judicial or administrative procedures.

Accommodated Party

In finance, the party for whom a loan or credit extension is made, usually facilitated by the guarantee or cosigning by another party.

Ratification

The formal approval or confirmation of an act or agreement that was signed but not yet authorized.

Unauthorized Agent

An individual who acts on behalf of another without having the legal or official permission to do so.