Economists normally assume that the goal of a firm is to (i) sell as much of its product as possible. (ii) set the price of the product as high as possible. (iii) maximize profit
a. (i) and (ii) only
b. (ii) and (iii) only
c. (iii) only
d. (i), (ii), and (iii)
c
You might also like to view...
When disposable income is zero, consumption is also zero
a. True b. False Indicate whether the statement is true or false
Suppose a fishing boat currently brings 10,000 fish to market and earns a profit of $40,000 when the price of fish is $8 . Suppose the boat dealer had overcharged the boat owner for the boat. Upon receiving a refund of $25,000 from the dealer, what will happen to the ATC of producing 10,000 fish?
a. increases by $25 b. increases by $2.50 c. does not change d. decreases by $2.50 e. decreases by $25
A plumber quits his job in Dallas and moves to San Francisco where additional plumbers are needed, but it takes a couple of months for him to find a job. He is said to be:
A. Frictionally unemployed B. Structurally unemployed C. Cyclical unemployed D. Underemployed
market demand schedule
What will be an ideal response?