Question

Which of the following is least likely to limit the ability of a firm to minimize production costs?Select one:a. Resistance by labor. b. The fact that the firm is a nonprofit organization. c. An increase in the amount of competition faced by the firm. d. Legislated input combinations for firms in particular industries, e.g, health care.

Answer 1

Ans.- An increase in the amount of competition faced by firm.

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Answer 2

b. The fact that the firm is a nonprofit organization.

A nonprofit organization, by its nature, is not primarily focused on maximizing profits or minimizing production costs. Nonprofit organizations typically have different goals and objectives, such as providing a service to the community or advancing a social cause. While they still need to manage their costs effectively, their primary focus may be on delivering their mission rather than solely minimizing production costs. Therefore, the fact that a firm is a nonprofit organization is least likely to limit its ability to minimize production costs compared to the other options listed.