Asymmetric information is a particular problem for __________ firms or firms with __________ relationship with a particular lending institution
A) small; a longstanding
B) small; only a recent
C) large; a longstanding
D) large; only a recent
B
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Entrepreneurs engage in
A) arbitrage. B) innovation. C) imitation of other successful entrepreneurs. D) all of the above.
Lentz's Incorporated sells paper in a perfectly competitive market at a price of $2 per ream. At the profit-maximizing (cost-minimizing) level of output, average total cost is $2.50 per ream and average variable cost is $1.95 per ream
Should the firm continue to operate in the short run? Explain.
According to Keynes, the money demand function
a. did not change as the return on other assets changed. b. changes with output. c. shifts with changes in the public confidence in the economy. d. both b and c. e. all of the above.
Marginal product is represented by:
A. the x-axis of the total production curve. B. total product minus the total cost. C. the slope of the total production curve. D. total revenue minus total cost.