___________ is the highest valued alternative that must be sacrificed to satisfy a want or attain something
a. Intangible resource
b. Choice
c. Opportunity cost
d. Availability
C
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Perfectly competitive firms are earning economic profits at a market price of $5 and an average total cost of $4. If new firms enter and do not affect the cost for all firms, the market price will ________ until it reaches ________.
A) increase; $4 B) fall; $4 C) increase; $5 D) fall; $5
Under a constant growth rate of money rule of 4 percent in an economy in which Real GDP grows at an average rate of 3 percent and velocity is constant, the inflation rate is
A) 7 percent. B) -7 percent. C) 1 percent. D) -1 percent. E) constant at zero.
What calculation determines the optimal amount of research and development for the firm? Why is this decision a complex one?
What will be an ideal response?
A defining difference in what makes a firm a sole proprietorship, partnerships, or a corporation is the:
A. profitability of each type of business. B. number of each type of business. C. nature of ownership and accountability for each type of business. D. size of each type of business.