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.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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