Profit-maximizing firms want to ________ the difference between total revenue and total cost.
A. maximize
B. equalize
C. minimize
D. eliminate
Answer: A
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Which of the following is not among the first steps the textbook recommends be taken to reduce negative externalities?
A) Adjudication B) More scientific research C) Negotiation D) The cultivation of civic virtues
The money supply can be increased by decreasing the required reserve ratio
a. True b. False Indicate whether the statement is true or false
Suppose that Jane enjoys Diet Coke so much that she consumes one can every day. Although she enjoys gourmet cheese, she consumes it sporadically. If the price of Diet Coke rises, Jane decreases her consumption by only a very small amount. But if the price of gourmet cheese rises, Jane decreases her consumption by a lot. These examples illustrate the importance of
a. the availability of close substitutes in determining the price elasticity of demand. b. a necessity versus a luxury in determining the price elasticity of demand. c. the definition of a market in determining the price elasticity of demand. d. the time horizon in determining the price elasticity of demand.
Real GDP is the value of all __________ goods and services produced in a given year in __________ prices
A) intermediate; that year's B) intermediate; base-year C) final; that year's D) final; base-year