Calculate the firm's total profit.
Total Profit = (price - ATC) × output
= ($13 - $11.95) × 5
= $1.05 × 5
= $5.25
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Refer to Scenario 2. If the age of a house is 25 years with 1,500 square feet, what is the estimated market value of the house?
What will be an ideal response?
Which of the following is true of entrepreneurship?
a. Entrepreneurial discovery is an important source of economic growth and higher living standards. b. The role of the entrepreneur is not very important and that is why it is generally not included in economic models. c. The role of entrepreneurial discovery could be easily integrated into economic models, but nonetheless economists choose not to do so. d. Economic models are able to capture fully the important role of the entrepreneur in the market process.
What does the phrase "Keynesian revolution" refer to?
What will be an ideal response?
According to OSHA standards, the air in the building that John works in is unsafe. The type of regulation that OSHA engages in is known as
A) the Federal Register. B) social regulation. C) the market share test. D) economic regulation.