The Doing Business As name identifies a company for:
a. Bank accounts
b. Sales
c. Patents
d. None of these
b. Sales
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When both exports and imports are considered, the major advantage of international trade is that it allows us to
a. seclude ourselves from foreign products. b. consume a larger, more diverse quantity of goods and services at lower prices than would otherwise prevail. c. benefit at the expense of less-developed nations d. maintain jobs for workers who would otherwise have little to do.
Each point of a firm's supply curve represents a price-quantity pair where:
A. MC = MR. B. MC = ATC. C. P = min AVC. D. P = min ATC.
Which of the following items is not a factor of production?
a. labor b. land c. capital d. money
If the social marginal cost of a good is very high relative to the private marginal cost, then a monopoly will most likely
A) produce more than the social optimum. B) produce less than the social optimum. C) produce the social optimum. D) produce zero pollution.