Which of the following is the most common form of a business organization?
A) corporation
B) partnership
C) sole proprietorship
D) subchapter S corporation
Answer: C
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There has been an increase in the demand for chicken. This change can be shown graphically as a:
A. shift in the demand curve to the right. B. shift in the demand curve to the left. C. movement along the demand curve to the right. D. movement along the demand curve to the left.
Which of the following refers to the additional cost of producing one more unit?
a. Marginal cost b. Variable cost c. Average cost d. Explicit cost
Economists generally agree that in reducing poverty, policies should be sought that do the
a. greatest good for total production. b. least harm to work incentives. c. most good for the poor. d. least harm to equality of income.
Chris received a consumer surplus of $50 when he purchased a watch for $100 . This implies he was willing to pay _____ for the watch
a. $215 b. $150 c. $100 d. $50