Economics explore how a producer combines different factors of production in order to
minimise the cost of production and maximise profits. The given statement highlights which of the following component of economics?
A) Study of consumption
B) Study of production
C) Study of distribution
D) Study of basic macroeconomics problems
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Answer:
(b) Study of Production
Simply identify the keywords in the question. It is directly related to the conundrum faced by the producer, where he has to reduce his own costs and at the same time, maximize his profits.
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