The Little Man's Ice Cream Company sells ice cream in 5 countries from its small production facility in rural Vermont. According to economic definitions, this firm should be eligible for the "multinational business of the year" award
Indicate whether the statement is true or false
F
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What are three causes of supply-side inflation?
What will be an ideal response?
Suppose firms in a perfectly competitive industry are making economic profits. As a result I. new firms enter the industry. II. the market price falls. III. the economic profits of the existing firms decrease
A) I, II and III B) I and II C) II and III D) I and III
John keeps beehives and sells 100 quarts of honey per month. The honey market is perfectly competitive, and the price of a quart of honey is $10. John has an average variable cost of $5 and an average fixed cost of $3
At 100 quarts per month, John's marginal cost is $10. a) Is John maximizing his profit? If not, what should John do? b) Calculate John's total revenue, total cost, and total economic profit or economic loss when he produces 100 quarts of honey.
Which of the following will not cause the aggregate supply curve to shift?
a. an increase in capital stock b. a decrease in the number of workers c. a decrease in the amount of natural resource base d. a change in the price level e. an increase in the number of entrepreneurs