When a company's stock is owned by thousands of individuals,
a. management will be very independent.
b. management will be lacking.
c. individuals will band together to socialize the firm.
d. management will be prevented by government from taking any risks.
a
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If we know the amount of total cost, average total cost, average variable cost, and marginal cost for each level of output, how can we find the level of output where the marginal product is the greatest?
A) It is the output for which the marginal cost equals average variable cost. B) It is the output for which the total cost is maximized. C) It is the output for which the marginal cost is minimized. D) It is the output for which the marginal cost equals average total cost. E) There is no way to find where marginal product is the greatest knowing only cost data.
Gross domestic product measures the ________ value of ________ goods and services produced during a ________ time period
A) inherent; market; fixed B) final; intermediate; stable C) intermediate; final; constant D) market; final; given
The marginal product of an input is equal to the change in total product resulting from a one-unit increase in the quantity of that input.
Answer the following statement true (T) or false (F)
Although trade increases productivity, it decreases society's collective knowledge because people specialize in a very limited number of things.
a. true b. false