Asked by
Jackson Miller
on Nov 25, 2024
Verified
In a competitive market economy, firms select the least-cost production technique because
A) such choices will result in full employment of available resources.
B) to do so will maximize the firms' profits.
C) this will prevent new firms from entering the industry.
D) "dollar voting" by consumers mandates such a choice.
Least-Cost Production Technique
An approach in production that minimizes input costs for a given output level, optimizing resource use efficiency.
Competitive Market Economy
An economic system where supply and demand determine the prices of goods and services, with minimal government intervention.
- Ascertain the influences that dictate the selection of production strategies and their repercussions on economic optimization.
Verified Answer
JJ
Learning Objectives
- Ascertain the influences that dictate the selection of production strategies and their repercussions on economic optimization.