Managers need to enforce property rights inside a firm
Indicate whether the statement is true or false
True
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When a firm is experiencing diminishing marginal returns, marginal cost is
a. rising b. falling c. constant d. rising at first, then falling e. zero
Which of the following most accurately states the function of middlemen?
a. Middlemen add to the expense of buyers and sellers without providing any benefit. b. Our economy would work just as well without middlemen since they do not expand the availability of physical goods. c. Middlemen reduce the number of transactions since they increase the buyer's price and reduce the seller's net revenue. d. Middlemen create value by arranging trades and providing information to buyers and sellers.
Suppose Bev's Bags makes large handbags and small handbags. They sold 70,000 large bags for $45 each and 25,000 small bags for $15 each. If the company had total costs of $2,000,000, what was the profit for this company?
A. $375,000 B. $3,525,000 C. $1,525,000 D. $850,000
Technological improvements are generally harmful to society because new machines replace human beings, causing increased unemployment.
Answer the following statement true (T) or false (F)