The most commonly accepted objective for a firm is
A) to stay in business at all cost.
B) to maximize total revenue.
C) to maximize economic profit.
D) to minimize the variable cost outlay.
C
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Compared to the demand for coffee, the market demand for French Roast coffee is likely to be
A. more elastic. B. more inelastic. C. perfectly elastic. D. perfectly inelastic.
Equilibrium GDP is equal to
A) autonomous expenditure times the multiplier. B) autonomous expenditure times the marginal propensity to consume. C) autonomous expenditure times the marginal propensity to save. D) autonomous expenditure.
Regarding the production of health care, more recent studies suggest that:
A) economies of scale exist up to a hospital size of approximately 500 beds. B) hospitals of many different sizes can compete effectively with each other on the basis of cost. C) the LRAC curve exhibits significant diseconomies of scale beginning with a hospital size of approximately 100 beds. D) the LRAC for hospitals exhibits a very distinct U shape.
The antitrust legislation that made it illegal for a firm to pay cash for a competitor's patents, plant, and equipment was the:
a. Sherman Antitrust Act. b. Celler-Kefauver Act. c. Robinson-Patman Act. d. Clayton Act. e. FTC Act.