Profit is defined as total revenue
a. plus total cost.
b. times total cost.
c. minus total cost.
d. divided by total cost.
c
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When a transfer price increases
a. the profits of the division using the intermediate product will rise b. the profits of the division using the intermediate product will be unaffected c. the profits of the division using the intermediate product will fall d. the costs of the division using the intermediate product will fall
An individual who is a risk lover
a. values a lottery at more than its expected value b. values a lottery at exactly its expected value c. values a lottery at less than its expected value d. tends to play lots of lotteries
Which of the following holds true at the chosen level of output in the long run for firms in a perfectly competitive market?
A. P = minimum AVC B. P > MC C. MR > MC D. MR = MC
Which statement is true?
A. Most poor people are black. B. Most poor people are Hispanic. C. About one child in six lives in poverty. D. Old people have a higher poverty rate than children.