To find its profit-maximizing output level, a firm should operate where
a. AVC = MC.
b. MC = MR.
c. TFC = TVC.
d. AFC = AVC.
b
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When a firm raises the price of its product, what happens to its total revenue?
A) If demand is elastic, total revenue decreases. B) If demand is unit elastic, total revenue increases. C) If demand is inelastic, total revenue decreases. D) If demand is elastic, total revenue increases. E) If demand is unit elastic, total revenue decreases.
Assuming fixed factor prices, the short-run industry supply curve for a perfectly competitive industry is equal to the sum of the
A) AVC curves above minimum AVC. B) ATC curves above minimum ATC. C) MC curves above minimum AVC. D) MC curves above minimum ATC.
In organizational design issues, decision rights pertain to
a. the legal workplace related rights of employees b. the regulations governing how a potential customer chooses which product to purchase c. the set of decisions that go with a particular position within the firm d. who gets to decide from which place co-workers will order lunch
In most years, the foreign financial capital in the United States represented no more than what percentage of the funds used for overall physical investment in the economy?
a. 3% to 5% b. 6% to 10% c. 15% d. 16% to 20%