To maximize profit, a price taker should produce the output level where........

Question

To maximize profit, a price taker should produce the output level where........

Can you please solve these questions and tell me why?

Every time you go to the grocery store. you try to choose the shortest line. But all of the lines always seem to be the same length. Why? Everyone else if trying to choose the shortest line. too. The store manager tells the cashiers to speed up or slow down to maintain equal line lengths. The union tells the cashiers to speed up or slow down to maintain equal line lengths. The cashiers all work at the same speed. The cashiers do not have an incentive to work faster.

Explanation / Answer

6 B

7 A

8 E

10 C [In long term all factors are variable.]

11 D

PART B

1 D

15 E

16 E

14 B

18 A

THE QUESTIONS ARE ANSWERED IN THE SEQUENCE PROVIDED.

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