?Consider a market for cookies that is initially in equilibrium. For a given upward-sloping supply curve, the equilibrium price and equilibrium quantity of cookies is most likely to decline when:
A) the price of milk, a complement, increases.
B) consumer income increases.
C) the number of consumers increases.
D) the price of coffee, a complement, decreases.
E) price of crackers, a substitute, increases.
A) the price of milk, a complement, increases.
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Suppose you decide to set up your fishing enterprise as a corporation. The first thing you need to do is
a. issue stock b. determine dividend levels c. become a stockholder d. obtain a charter from your state government e. notify insurers of your liability
Inflation is
A. A situation in which purchasing power increases. B. A rise in the price of every good but not any service. C. An increase in the average level of prices of goods and services. D. An increase in relative prices of all goods and services.
On a bar graph comparing a firm's economic profit with its accounting profit, it will always be TRUE that
A) explicit costs will be greater in the column representing accounting profit. B) explicit costs will be greater in the column representing economic profit. C) total revenue will be greater in the column depicting accounting profit. D) opportunity costs will be missing from the column depicting accounting profit.
Which entity produces the greatest proportion of U.S. gross national product?
A) government B) non-profit organizations such as hospitals C) firms D) universities