Firms achieve productive efficiency in the long run by
a. striving to minimize fixed cost
b. striving to maximize revenue
c. producing at their minimum long-run average cost
d. producing at their minimum long-run marginal cost
e. producing the output consumers want most
C
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Entrepreneurs are people who
A) accept ultimate responsibility for the projects they undertake. B) are hired by others to manage business enterprises. C) are hired by others to organize business enterprises. D) own the resources used in the production process. E) prefer a small chance for a large profit to a large chance for a small profit.
The ________ serves as a forum for international negotiations, such as the Kennedy Round, aimed at lowering barriers to trade
A) International Trade Commission (ITC) B) World Trade Organization (WTO) C) International Trade Agreement (ITA) D) World Bank
Because a union is a form of monopoly, it must be concerned about the ________ slope of the demand curve for labor.
A. vertical B. downward C. horizontal D. upward
What contributes to the existence of multiproduct firms?
A. Economies of scale B. Cost complementarity C. Economies of scope and cost complementarity D. Economies of scope