The supply schedule shows the specific quantity of a good that suppliers are willing and able to:
A. demand at various prices.
B. produce at various costs.
C. hold back from the market when competition is reduced.
D. provide at different prices.
Answer: D
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Refer to Figure 7-5. The efficient price of medical services is
A) $40. B) $55. C) $65. D) > $65.
Less money means ________ interest rates, which ________ spending
A) lower; stimulates B) lower; reduces C) higher; stimulates D) higher; reduces
Which of the following explains most clearly why business owners have a strong incentive to strive for operational efficiency?
a. They recognize that operational efficiency promotes the public interest. b. As residual claimants, owners will receive a higher income from increased efficiency. c. The owners will be able to keep production costs low by providing free managerial services to the firm. d. The owners will be able to gain by paying employees below market wages, which will improve the overall efficiency of the economy.
You have a small business that makes $50,000 accounting and economic profit for you. As a disabled person, you must work at home and you did not have other opportunities until your neighbor offers you a job you like equally well for $50,000 and you can do it at home. This means
A. both your accounting and economic profit have gone up. B. your economic profit has gone down and your accounting profit has stayed the same. C. both your accounting and economic profit have gone down. D. your economic profit has gone down and your accounting profit has gone up.