If total revenue exceeds the total cost of production, a firm
A. shuts down.
B. breaks even.
C. earns a profit.
D. suffers a loss.
Answer: C
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Suppose Bella had entered into a contract to rent Michelle's apartment for one year. The contract mentioned that if either of the two parties breached it, the other was to recover her loss. If Michelle breaches the contract, a payment which leaves Bella no worse off than if the contract was honored, is called opportunistic damage
Indicate whether the statement is true or false
Capital is a flow of resources into the production of investment goods
a. True b. False Indicate whether the statement is true or false
When it comes to environmental policy,
a. choices are influenced by the costs and benefits that decision makers expect. b. values are subjective, as in other areas of the economy. c. policy choices often have unintended secondary effects. d. all of the above are true.
Define comparative advantage