To develop a useful picture of a firm's behavior, economists assume that the
a. firm's goal is to maximize total revenue
b. firm's goal is to maximize profit
c. firm's goal is to minimize marginal cost
d. roles of owner, manager and worker are performed by the same individuals
e. roles of owner, manager and worker are interchangeable
B
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Between 1921 and 1929 national output rose about _____%.
Fill in the blank(s) with the appropriate word(s).
Monopsonistic exploitation refers to
A) the payment to the resource equal to MFC. B) the payment to a resource less than MRP. C) the payment to a resource equal to MRP. D) the payment to a resource above MRP.
The result that perfectly competitive firms produce at the lowest per-unit cost is derived from the assumptions of
a. homogeneous products. b. few sellers. c. firms facing horizontal demand curves. d. free entry and exit.
Exhibit 11-11 Labor wage and cost data Labor Wage TWC MFC10 $ $ 50.00 $ 11 5.80 12 17.80 13 102.70 14 126.00 15 46.50 In Exhibit 11-11, the wage required to hire 12 employees is equal to:
A. $5.80. B. $6.00. C. $6.50. D. $6.80.