Which of the following must a firm in a market economy do today to succeed?
A) efficiently organize production
B) produce existing goods and services at a lower cost
C) produce new or better goods or services
D) Market firms today must do all of these things.
D
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If we ignore the negative or positive sign, the midpoint method of calculating a percentage change in price between two points on a demand curve results in
A) a smaller percentage change if the price rises than if it falls. B) the same percentage, regardless of whether the price increases or decreases. C) the price elasticity of demand. D) the price elasticity of supply. E) a higher percentage change if the price rises than if it falls.
Refer to Figure 8.2. As the competitive industry, not just the firm in question, moves toward long-run equilibrium, how much profit will the firm earn?
A) $0 B) $306 C) $312 D) $1000. E) $1024
The mathematical result showing that, under certain assumptions, there is no scheme for aggregating individual preferences into a valid set of social preferences is called
Hours of work multiplied by output per hour equals
A. domestic income. B. investment. C. labor growth rate. D. GDP.