According to the table shown, the firm's profit is:
This table shows the total costs for various levels of output for a firm operating in a perfectly competitive market.
A. maximized at 3 units of output.
B. maximized at 4 units of output.
C. maximized at 5 units of output.
D. not maximized at any level of output given.
A. maximized at 3 units of output.
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Natural monopolies result from ________.
A. control over an essential natural resource B. pricing strategies C. patents and copyrights D. extensive economies of scale in production
Which of the following statements is FALSE?
A) disposable income - saving = consumption B) consumption + saving = disposable income C) saving = disposable income - consumption D) consumption = saving - disposable income
You are more likely to hire your teenage child to cut your lawn than a landscaping firm
a. since the teenager is paid each time when she finishes and the landscaping firm bills your credit card each month b. if the teenager has a lower opportunity cost of cutting the lawn than the landscaping firm does c. because the teenager is less likely to have the specialized tools necessary to complete the job quickly d. due to the bounded rationality of the diversified landscaping firm e. when it does not take a substantial amount of time and effort to find a reputable landscaping firm to do the job
The original source of capital is __________.
Fill in the blank(s) with the appropriate word(s).