WHAT?: One of three basic questions of allocation (the other two are How? and For Whom?). Answering the 'What?' question of allocation determines the types and quantities of goods and services produced with society's limited resources. Should society produce hammocks or hot fudge sundaes? Computers or Cadillacs? Birdfeed or battleships? The production possibilities analysis sets the stage for answering the 'What?' question.

     See also | three questions of allocation | How? | For Whom? | limited resources | unlimited wants and needs | scarcity | efficiency | allocation | production | consumption |

WHAT?, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2021. [Accessed: April 13, 2021].

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A perfectly competitive firm produces the profit-maximizing quantity of output that generates the highest level of profit. This profit approach is one of three methods that used to determine the profit-maximizing quantity of output. The other two methods involve a comparison of total revenue and total cost or a comparison of marginal revenue and marginal cost.

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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors looking to buy either a country wreathe or galvanized steel storage shelves. Be on the lookout for malfunctioning pocket calculators.
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This isn't me! What am I?

-- Robert Frost

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