A company _____ benefit from related industries that are internationally competitive and can spill over into the company.
Fill in the blank(s) with the appropriate word(s).
can
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A point on the supply curve can illustrate the
A) price and the corresponding quantity supplied. B) marginal cost of that unit of the good. C) price the consumer is willing to pay. D) Both answers A and B are correct. E) Both answers A and C are correct.
If a negative externality results from the refining of oil, the cost of production as seen by the oil refinery: a. does not include the external cost
b. includes the external cost. c. does not include the external benefit. d. includes the external benefit.
Suppose you were working for Richstone's bakery and calculating whether the bakery was making a profit, considering the recent increase in rent. You have data for price (P), MR, ATC, MC, AVC, at the quantity of 1,000 breads a day. Among the other relationships you consider is (P – ATC) which measures the firm's
a. total profit b. profit per unit of output c. marginal profit d. total revenue e. average variable cost
Which of the following best describes the difference between an objective concept and a subjective concept?
a. A subjective concept is a fact based on observation that is not subject to personal opinion, while an objective concept is based on personal preferences and value judgments. b. An objective concept is a fact based on observation that is not subject to personal opinion, while a subjective concept is based on personal preferences and value judgments. c. A subjective concept relates to issues in microeconomics, while an objective concept relates to issues in macroeconomics. d. An objective concept can only be illustrated in words, while a subjective concept can usually be illustrated with a graph.