Which of the following would be considered an ongoing expense?
A. Raw materials
B. Advertising
C. Employee salaries
D. All of these could be considered ongoing expenses.
Answer: D
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Which of the following is an example of a microeconomic decision?
A) an individual deciding how to allocate the time he or she has for work and leisure B) a small shoe factory deciding how much leather to purchase for the next quarter's production need C) a multinational company deciding where to relocate its world headquarter D) All of the above answers are correct.
The decision about what goods and services will be produced in a market economy is made by
A) consumers and firms choosing which goods and services to buy or produce. B) consumers dictating to firms what they need most. C) workers deciding to produce only what the boss says must be produced. D) producers deciding what society wants most. E) lawmakers in the government voting on what will be produced.
In terms of efficiency, any point on a production possibilities frontier is as good another
a. True b. False Indicate whether the statement is true or false
?Long-run equilibrium for a perfectly competitive firm occurs when:
a. ?Marginal cost (MC) = Marginal revenue (MR) = Price (P) > Long-run average cost (LRAC). b. ?Marginal cost (MC) = Marginal revenue (MR) = Average fixed cost (AFC) = Short-run average total cost SRATC. c. ?Marginal cost (MC) = Marginal revenue (MR) = Average fixed cost (AFC) = Long-run average cost (LRAC). d. ?Price (P) = Marginal cost (MC) = Short-run average total cost (SRATC) = Long-run average cost (LRAC). e. ?Price (P) = Marginal revenue (MR) = Long-run average variable cost (LRAVC) = Long-run average cost (LRATC).