Asked by
Catherine Cassidy
on Nov 04, 2024
Verified
To determine the optimal method of production for a good or service, a perfectly competitive firm needs to know all of the following except
A) the market price of output.
B) the technologies of production that are available to the firm.
C) the prices of inputs.
D) the prices charged by its rivals.
Hourly Price
The cost or price of something for each hour it is used, produced, or provided.
Production Technology
Refers to the methods, equipment, and processes used to produce goods and services.
- Understand the role of market price of output, input prices, and technology in determining production decisions.
Verified Answer
CH
Learning Objectives
- Understand the role of market price of output, input prices, and technology in determining production decisions.