To calculate a firm's per unit of output profit, it is necessary to subtract
a. price from cost per unit.
b. price from resource costs.
c. cost per unit from product price.
d. cost per unit from cost of resources.
c
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If at the current level of product-specific service, consumers' value at $5 and the cost of retailers to provide the services is $10, which of the following is true?
A) the profit-maximizing amount of product-specific services is being offered. B) the profit-maximizing level of profit-maximizing services is less than the current level C) the profit-maximizing level of profit-maximizing services is exactly double the current level D) the profit-maximizing level of profit-maximizing services is greater than the current level
"Protection" is designed to help
a. firms whose relative inefficiency does not permit successful competition with imports. b. workers who have very high productivity, and cannot survive against low-paid foreign workers. c. government that needs revenue from tariffs and quotas to cover government spending. d. firms that are highly efficient, and cannot survive against low-price foreign imports.
Cutting the fed funds rate
A. can cause interest rates to increase. B. can cause deflation to occur. C. puts downward pressure on inflation. D. puts upward pressure on prices.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. For this economy to move from Point C to Point B, ________ additional LCD TVs could be produced when the production of OLED TVs is reduced by 20.
A. exactly 30 B. exactly 60 C. fewer than 30 D. more than 30