Producer surplus from a unit of output is the difference between the market price and the seller's cost of producing that unit
a. True
b. False
Indicate whether the statement is true or false
True
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Acme is a perfectly competitive firm. It has the cost schedules given in the above table and has a fixed cost of $12.00. The price of Acme's product is $14.20
What is Acme's most profitable amount of output? What is Acme's total economic profit or loss?
The advantages of the M-Form of firm organization is
a. divisions can respond more easily to change b. it is easier to maintain customer relationships c. there is less coordination across the firm's divisions d. all of the above
Households make their savings available to borrowers through
a. resource markets b. the loanable funds market c. the labor market d. the taxes e. spending
Which of the following could be called a virtue of raising prices of depletable resources?
a. It would discourage consumption and waste. b. It would stimulate more efficient use of resources. c. It would encourage innovation and discovery of alternatives. d. All of the above are true.