Organizations that transform resources into products are known as
A. factors.
B. households.
C. firms.
D. entrepreneurs.
Answer: C
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The income effect of a wage increase will cause a worker to devote
A) more time to labor and less time to leisure. B) less time to labor and more time to leisure. C) more time to labor and more time to leisure. D) less time to labor and less time to leisure.
If firms pay efficiency wages, they pay wages that
A) are mandated by the government. B) will eventually lower the unemployment rate. C) motivate workers to increase their productivity. D) are lower than average to ensure maximum profit.
In general, the quantity that maximizes revenue for the monopolist
A) is greater than the quantity that maximizes profit. B) is less than the quantity that maximizes profit. C) is the same as the quantity that maximizes profit. D) is illegal according to anti-trust statutes.
Does a subsidy to buyers affect the demand curve?
A. Yes, it shifts demand up by the amount of the subsidy. B. Yes, it shifts demand to the right by the amount of the subsidy. C. No, the quantity demanded will increase, but the demand curve does not move. D. No, the quantity demanded will decrease, but the demand curve does not move.