By definition, a firm is
A) a business organization that makes profits.
B) a business organization that utilizes resources to produce goods or services with the goal of making a profit.
C) a business organization that consists of more than one person.
D) an organization, whether private or public, that may or may not make a profit.
B
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An increase in the marginal cost of reducing greenhouse gas emissions will lead to lower air quality
a. True b. False
A one-day ticket to Sea World costs $37, but a two-day pass costs $42 . What is the average cost per day for a one-day pass? For a two-day pass? What is the marginal cost of a second day at Sea World? Why might Sea World charge such a price for a second day's entrance to the park?
Which of the following would tend to shorten recessions associated with anti-inflation policies by central banks?
a. People adjust their expectations of inflation rapidly. b. People believe policy announcements made by central bank officials. c. The short-run Phillips shifts rapidly. d. All of the above are correct.
Which of the following describes the asymmetry Mancur Olson observed in the incentives to support and oppose trade policy?
A) The benefits of those seeking protection outweigh the costs imposed by the protection. B) The benefits of protection are spread out over a large number of firms and industries, but the costs are concentrated on consumers. C) The benefits of policy are concentrated, and the costs are spread out over a large number of participants. D) The costs of protection are concentrated on a few firms, and the benefits of protection are spread out over a large number of consumers.