2) The manager of a perfectly competitive firm is a price taker for both the prices paid for inputs and prices received for products. Which of the following are inputs that the firm manager controls and adjusts in an effort to maximize profits in the short run? C Increase prices of the product, increase sales, increase total revenues. Number of buyers, number of sellers, market size. Labor, fertilizer, feed, and pesticides. Short run, medium run, and long run a. b. C. d.
2) The manager of a perfectly competitive firm is a price taker for both the prices paid for inputs and prices received for products. Which of the following are inputs that the firm manager controls and adjusts in an effort to maximize profits in the short run? C Increase prices of the product, increase sales, increase total revenues. Number of buyers, number of sellers, market size. Labor, fertilizer, feed, and pesticides. Short run, medium run, and long run a. b. C. d.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:2) The manager of a perfectly competitive firm is a price taker for both the prices paid for
inputs and prices received for products. Which of the following are inputs that the firm manager
controls and adjusts in an effort to maximize profits in the short run? (
Increase prices of the product, increase sales, increase total revenues.
Number of buyers, number of sellers, market size.
Labor, fertilizer, feed, and pesticides.
Short run, medium run, and long run
a.
b.
C.
d.
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