By comparing marginal revenue and marginal cost, a firm in a competitive market is able to adjust production to the level that achieves its objective, which we assume to be
a. maximizing total revenue.
b. maximizing profit.
c. minimizing variable cost.
d. minimizing average total cost.
b
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The direct benefits of out-migration to a developing nation include:
(a) Loss of skilled workers. (b) Increased remittances. (c) Job growth. (d) Larger capital formation.
Suppose a jar of DeLux popcorn that is ultimately sold to a customer at Friendly Groceries is produced by the following production process: Name of CompanyRevenuesCost of Purchased InputsCitrus Growers Inc.$0.750Florida Jam Company$2.00$0.75The Corner Store$2.50$2.00 If the corn was grown and the jar of popcorn produced in the year 2017, but the jar was sold at Friendly Groceries in the year 2018, what is the contribution of these transactions to GDP in the year 2017?
A. $0.50 B. $2.00 C. $3.00 D. $2.50
Refer to the table below. What is the probability of selling 23 or more cakes?
The above table shows the probability distribution of cake sales at Busy Betty's Bakery.
A) 0.60
B) 0.30
C) 0.70
D) 0.40
A negative income tax system is designed to
a. provide in-kind benefits to the poor. b. provide a minimum income to the poor. c. reduce taxes on the rich when their incomes surpass the maximum income tax bracket. d. subsidize food consumption in poor families.