Use the Following to Answer Questions

question 45

Multiple Choice

Use the following to answer questions:
Figure: Light Bulbs
-(Figure: Light Bulbs) In this diagram, Firm 1 (MC₁) and Firm 2 (MC₂) are each making 100 million light bulbs. How many light bulbs should each firm make to minimize total production costs while maintaining the same total output?

• A) Firm 1: 40 million; Firm 2: 40 million
• B) Firm 1: 20 million; Firm 2: 30 million
• C) Firm 1: 80 million; Firm 2: 120 million
• D) Firm 1: 120 million; Firm 2: 80 million

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Definitions:

Practice

The repeated exercise or application of an activity or skill to achieve proficiency.

Entrepreneurship

The process of initiating a business or businesses, facing financial dangers with the expectation of profit.

Serial Entrepreneur

A person who repeatedly starts new businesses, moving from one venture to another, and often leveraging the experiences and capital from previous successes.

Benefit Corporation (B-Corp)

A type of legal structure for a business that aims to generate profit while also focusing on positive impacts for society, workers, the community, and the environment.