Which of the following must a firm in a market economy do today to succeed?
A) Produce the goods and services that consumers want at a lower cost than consumers themselves can produce.
B) Organize the factors of production into a functioning, efficient unit.
C) Have access to sufficient funds.
D) Market firms today must do all of these things.
Answer: D
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Actions to lower the probability of a bad outcome ________ its expected cost and these actions are ________.
A) increase; inexpensive B) decrease; costly C) decrease; inexpensive D) increase; costly
If the marginal propensity to consume (MPC) is 0.75, a $50 decrease in government spending, other things being equal, would cause equilibrium real GDP to:
a. increase by $50. b. decrease by $50. c. increase by $200. d. decrease by $200.
An economist's measurement of profit differs from an accountant's in that: a. accountants calculate total revenue differently than do economists
b. economists do not always include all of the opportunity costs when calculating total production costs. c. accountants do not always include all of the opportunity costs when calculating total production costs. d. economic profit generally exceeds accounting profit.
A dominated strategy
A) may be part of a Nash equilibrium. B) is never played. C) can be a best response. D) is always part of a mixed-strategy Nash equilibrium.