An asset is
A) the same thing as a liability.
B) a thing of value that can be owned.
C) money, as opposed to stock or bonds.
D) anything that never declines in value.
B
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Which of the following does NOT describe a function of money?
A) unit of account B) barter C) medium of exchange D) store of value
If a supply curve is a horizontal line, supply is said to be
A) unit elastic. B) inelastic. C) perfectly elastic. D) perfectly inelastic.
Jim' burger produces 500 burgers per week. Each burger is priced at $3 . A business ordered 750 burgers for an upcoming event. Jim decided to offer a discount by reducing the price of the burgers to $2.50 for the party. What is the marginal revenue of selling the 50th burger for the party?
a. $3 b. $2.50 c. $0.50 d. It cannot be determined with the information given
When the competitive firm's value of the marginal product of labor intersects the market-wage level, the firm:
A. can increase its profits by hiring any amount less than this point. B. can increase its profits by hiring any amount greater than that point. C. should consider shutting down since it is not earning profits. D. has found the profit-maximizing quantity of labor to hire.