Refer to Scenario 5.3. Based on the 10 years' past performance, rank the companies' expected revenue, highest to lowest:
A) Whizbo, Yowzo, Zowiebo
B) Whizbo, Zowiebo, Yowzo
C) Zowiebo, Yowzo, Whizbo
D) Zowiebo, Whizbo, Yowzo
E) Zowiebo, with Whizbo and Yowzo tied for second
A
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Using Figure 9.1, explain what a firm would do in the short run if the market price of its product were at P2 and it produced Q2 . Is the firm earning an economic profit? An operating profit? Explain
What will be an ideal response?
What mechanism assures that firms produce outputs that consumers actually desire?
a. governmental regulations on the mix of outputs b. altruism c. the desire for profit d. a desire to serve others without thought of reward e. All of the above are correct.
The circular-flow diagram is an example of
a. a laboratory experiment. b. an economic model. c. a mathematical model. d. All of the above are correct.
All of the following can be used to compute average profit except
A) marginal profit minus marginal cost. B) average revenue minus average total cost C) total profit divided by quantity. D) price minus average total cost.