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profits (or potentially minimizing short-run losses). This attribute has the effect of O prioritizing equity over efficiency. distributing production across firms in a way that maximizes costs. O balancing production evenly amongst firms. distributing production across firms in a way that minimizes costs.

profits (or potentially minimizing short-run losses). This attribute has the effect of O prioritizing equity over efficiency. distributing production across firms in a way that maximizes costs. O balancing production evenly amongst firms. distributing production across firms in a way that minimizes costs.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Answer both parts....dont explain just write final answer

a. In a market economy, firms pursue their own self-interest and produce at a point where they are maximizing their own profits (or potentially minimizing short-run losses). This attribute has the effect of O prioritizing equity over efficiency. distributing production across firms in a way that maximizes costs. balancing production evenly amongst firms. distributing production across firms in a way that minimizes costs. b. The individual production decisions in markets made by these firms are equitable since costs are maximized. are efficient since costs are minimized. are equitable since costs are minimized. are inefficient since costs are minimized.
Transcribed Image Text:a. In a market economy, firms pursue their own self-interest and produce at a point where they are maximizing their own profits (or potentially minimizing short-run losses). This attribute has the effect of O prioritizing equity over efficiency. distributing production across firms in a way that maximizes costs. balancing production evenly amongst firms. distributing production across firms in a way that minimizes costs. b. The individual production decisions in markets made by these firms are equitable since costs are maximized. are efficient since costs are minimized. are equitable since costs are minimized. are inefficient since costs are minimized.
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