Econ 202 2022 - Study guides, Class notes & Summaries

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ECON 202 The production process is an extremely complicated task, so economists 2 make a number of simplifying assumptions. Which of the following assumptions do economists make in their basic model of producer behavior? I. Multiproduct firms: All firms produce at least two goods. II. Firms only use two inputs in the production process: capital and labor. III. Cost minimization: Firms attempt to produce a fixed quantity of output lowest possible total cost. IV. Firms can produce mor...