An organization that converts inputs (like Labor, Capital etc.) into output is called a
A) firm.
B) sole proprietorship.
C) corporation.
D) All of the above.
D
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In the United States, lobbying is:
A. illegal. B. important to firms in perfectly competitive markets. C. a way of protecting monopolies. D. not important to most monopolies.
The current account is
A) the reserve assets created by the International Monetary Fund for countries to use in settling international payment obligations. B) the price of one nation's currency in term of the currency of another country. C) a category of the balance of payments transactions that measures flows of real and financial assets. D) a category of the balance of payments transactions that measures the exchange of merchandise, the exchange of services, and unilateral transfers.
The financial system is inherently more unstable than most other industries due to the fact that:
A. a single firm failing in banking can bring down the entire system; this isn't true in most other industries. B. banks deal in paper profits, not in real profits. C. while in most other industries customers disappear at a faster rate, in banking they disappear slowly so the damage is done before the real problem is identified. D. there is less competition than in other industries.
Suppose you inherit the only spring of mineral water in an area and want to maximize profits from this costless product. You would ask your customers to bring their containers with them and:
a. charge them the highest price possible to sell some output. b. charge them the lowest price possible to sell as much as you can. c. ask them how much they would like to pay and accept it. d. charge the price at which MR is zero. e. charge the price at which MR is maximum.