If revenues exceed ________, profit is ________.
A. fixed cost; positive
B. total cost; negative
C. total cost; positive
D. variable cost; negative
Answer: C
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What is one reason for the high interest rates for home loans offered to those with low credit ratings?
A) Predatory lending practices B) Those with lower credit ratings faced a restricted supply of loans, ceteris paribus. C) Those with lower credit ratings typically demand greater loans, ceteris paribus. D) Government regulation
Illustrate the cost curves and average revenue (demand) curve for the perfectly competitive firm in long-run equilibrium.
What will be an ideal response?
According to the marginal productivity theory of resource demand, the labor-demand schedule for a producer selling in a purely competitive market is:
A. The same as the marginal resource cost schedule B. The same as the marginal productivity schedule C. The same as the marginal revenue product schedule D. Independent of the value of the product being produced
Mr. Clooney inherited a sum of $30,000 in 1990. If the price index for 1990 was 100 and the price index for 2014 is 188, the value of the money he inherited in 2014 dollars is ________.
A) $56,400 B) $45,200 C) $38,800 D) $48,000