The relationship between the inputs employed by a firm and the maximum output that it can produce with those inputs is the firm's
A) production function.
B) supply curve, or supply schedule.
C) marginal product of labor.
D) average product of labor.
Answer: A
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Oligopoly is likely to occur whenever the number of firms is so small that any change in output or price by one firm appreciably impacts the sales of competing firms
a. True b. False Indicate whether the statement is true or false
Which of the following is an example of something that economists would consider a cost but accountants would not?
A. the cost of materials and supplies purchased by a firm B. the salary that the firm actually pays to the firm's owner C. the interest income foregone by the firm's owner because the owner invested funds into the firm D. the cost of advertising
Globalization is the exchange of ________________ among countries.
A. goods, services, ideas, and people B. money and other financial assets C. communications D. workers and jobs
A wider use of charge accounts and credit cards have reduced the demand for "walking-around" money
a. True b. False Indicate whether the statement is true or false