Which of the following is true of standard economic analysis?

A. It characterizes a firm as a black box that transforms inputs to outputs.
B. It applies basic economic tools to examine the effects of managerial decisions.
C. It focuses on the internal architecture of a firm.
D. It characterizes a firm as an organization that generates economic growth.


Answer: A

Economics

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An economy is producing at the least-cost rate of production when:

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What might be an incentive for you to take a class in summer school? List some of the benefits and costs involved in your decision. Would your choice be rational?

What will be an ideal response?

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