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.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Answer both parts....dont explain just write final answer

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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