A dairy produces and sells organic milk. Last year it sold 500,000 gallons of milk at a price of $7 per gallon. For last year, the firm's
a. total revenue was $3.5 million.
b. economic profit was $3.5 million.
c. accounting profit was $3.5 million.
d. explicit costs were $3.5 million.
a
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Which of the following statements is true?
A) An individual's future spending decreases when he lends money. B) An individual's future spending increases when he borrows money. C) An agent borrows to move his spending from the future to the present. D) An agent borrows to move his spending from the present to the future.
How is the probability of an event defined?
What will be an ideal response?
Incumbents are unaffected by fixed costs of entry while potential entrants are affected by them because
A) for potential entrants the cost is avoidable, while for the incumbent, it is not. B) fixed costs will be greater for the potential entrant than for the incumbent. C) fixed costs are zero for the incumbent. D) incumbents will act to prevent entry at all costs.
Simple majority rule will almost always generate efficient outcomes
Indicate whether the statement is true or false