The purchase of final goods and services by households, excluding new housing
What will be an ideal response?
consumption
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In an economy where firms in most industries are purely competitive firms, individual firms in each industry would produce ________ products and have a ________ share of industry output
A) differentiated; large B) differentiated; small C) standardized; large D) standardized; small
Which form of business organization accounts for the largest proportion of sales in the United States?
A) the corporation B) the partnership C) the proprietorship D) the subchapter S partner-based proprietorship.
The following list of characteristics are true of the pharmaceutical industry, except one.
a. Low variable cost b. Virtually guaranteed profits when the product is introduced c. High fixed cost d. Exclusive rights to market and sell patented products e. Segmentable markets
Suppose the market price for a cup of coffee is $1.25. If Coffee Express's marginal cost of making that cup of coffee is $0.75, its producer surplus from that cup of coffee is:
A. $0.50. B. $0.75. C. $1.25. D. $1.50.