The cost borne by a producer in the production of a good or service is called
A) internal cost. B) social cost. C) public cost. D) private cost.
D
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The right decision about what to produce and who to trade with happens:
A. almost entirely by market decisions automatically. B. when governments publish comparative advantage numbers. C. only after firms research the cost of inputs such as labor and raw materials, and the sale prices of different goods you could produce, and calculate the most profitable option. D. governments from different countries get together to decide on trade.
In the long run, price elasticities of demand are usually __________
a. less than they are in the short run because people can adjust b. the same as they are in the short run because tastes don't change c. greater than they are in the short run because prices rise over time d. less than they are in the short run because real prices fall over time e. greater than they are in the short run because consumers have time to adjust
Suppose that a firm operating in perfectly competitive market sells 300 units of output at a price of $3 each. Which of the following statements is correct? (i) Marginal revenue equals $3. (ii) Average revenue equals $100. (iii) Total revenue equals $300
a. (i) only b. (iii) only c. (i) and (ii) only d. (i), (ii), and (iii)
What is microfinance, and how can it contribute to economic growth?
What will be an ideal response?