Some factors that allow firms to make economic profits are beyond its control. All but one of the following is an uncontrollable factor. Which factor is controllable?
A) chance events B) consumer tastes
C) product differentiation D) input prices
C
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The table above gives the cost of producing T-shirts. The total fixed cost is ________ and the marginal cost of increasing production from 5 to 6 T shirts is ________
A) $20; $6 B) $20; $10 C) $10.40; $8 D) unable to be determined; $8
The marginal expenditure of a monopsonist is $4. The wage it currently pays is $3. The labor supply curve has a constant elasticity. What is the elasticity of the labor supply?
A) 0.33 B) 0.66 C) 1 D) 3
Demand for farm products, in general, is said to be relatively price inelastic. Therefore, U.S. farm policy, which is designed to keep farm prices above equilibrium, should
a. decrease farm incomes b. increase farm incomes c. not affect farm incomes d. reduce the number of farmers e. lower food prices for consumers
When labor is the only input a firm uses, the marginal cost of a unit of output can be defined as the
a. marginal revenue multiplied by the wage. b. marginal product of labor multiplied by the wage. c. marginal product of labor divided by the wage. d. None of the above is correct.