According to the definition of profit, if a profit-maximizing firm will always attempt to produce its desired level of output at the lowest possible cost, then it will Group of answer choices take a long-run perspective on costs, when such costs cannot be adjusted. do so regardless of what type of competition exists in a market. breakdown its cost structure according to short-run adjustments. take a short-run perspective on labor costs which cannot be immediately changed.

Iceberg storage, a leading hard drive manufacturer, recently filed for bankruptcy. while most of iceberg's competitors were shifting away from physical data storage devices toward online cloud storage services, iceberg invested most of its retained earnings in the effort to improve its hard drives. once the hard-drive market drastically declined, iceberg storage was unable to capitalize on the new technology. which of the following does this scenario best illustrate a. causal ambiguity b. knowledge diffusion c. social complexity d. path dependence