Skills, talents, and abilities that people possess can be categorized best as:
a. Human resources
b. Tangible resources
c. Capital resources
d. Financial resources
A
You might also like to view...
According to the real-balance effect, an increase in the price level will
A) leave total planned real expenditures unchanged since the price level of all goods has increased. B) decrease total planned real expenditures because of an increase in interest rates. C) lead to a corresponding increase in total planned real expenditures since businesses are now earning higher profits. D) decrease total planned real expenditures as a result of a decrease in the real value of money balances.
A normal good is defined as a product for which quantity demanded increases as price decreases
a. True b. False
Show what happens to the industry equilibrium when new firms enter a perfectly competitive market in the long run.
What will be an ideal response?
A competitive price-searcher firm is currently producing 10 units of output. At this level of output the firm is charging a price equal to $10, has marginal revenue equal to $6, has marginal cost equal to $6, and has average total cost equal to $12 . From this information we can conclude that
a. the firm is currently earning zero profit. b. the profits of the firm are negative. c. firms are likely to enter this market in the long run. d. the firm would earn more profit by reducing output.