During the first phase of regulation in the United States (from 1887 to the Great Depression), the primary target of regulation was the:
a. labor unions.
b. communication industry.
c. food and drug industries.
d. railroads.
d
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To find the profit maximizing level of output, a firm finds the output level where
A) price equals marginal cost. B) marginal revenue and average total cost. C) price equals marginal revenue. D) all of the above E) none of the above
Human capital is the amount of
A. capital available to workforce. B. skill embodied in the workforce. C. output the labor force can produce. D. healthy work force in the total population.
Oliver just brought home a new kitten. We could expect Oliver's demand for:
A. dog toys, a substitute good, to decrease. B. cat toys, a complementary good, to decrease. C. cat toys, a complementary good, to increase. D. dog toys, a substitute good, to increase.
How does a firm that is losing money in the short run decide whether to shut down or continue to produce to minimize its losses?