If a nonrenewable resource is used more in the current period, the return on saving the resource for future falls
a. True
b. False
Indicate whether the statement is true or false
False
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Firms are often more efficient than markets as coordinators of economic activity because
A) firms can achieve lower transaction costs. B) markets cannot coordinate production. C) firms don't rely on economies of scale while markets do. D) firm coordination is always more economically efficient than market coordination.
Refer to the information provided in Figure 1.5 below to answer the question(s) that follow.
Figure 1.5Refer to Figure 1.5. Panel A shows a curve with a slope that is
A. positive and increasing. B. negative and decreasing. C. negative and increasing. D. positive and decreasing.
Fill in the columns in the following table and use the values in the table to determine the profit-maximizing level of output
Quantity Total Revenue (TR) Total Cost (TC) Profit Marginal Revenue (MR) Marginal Cost (MC) 0 0 3 1 5 5 2 10 6 3 15 8 4 20 11 5 25 15 6 30 21 7 35 30 8 40 42 9 45 60 10 50 85
If A represents product markets, and D represents firms, then the flow from A to D is _____
a. revenue. b. expenditures. c. labor, capital, and natural resources. d. goods and services. e. wages, interest, rent, and profit. check image at top