Any long-lasting tool that people use to produce goods and services is called
a. a product
b. machinery
c. capital
d. equipment
e. labor assistance
C
You might also like to view...
If the demand for a product is elastic, the quantity demanded changes by a larger percentage than the percentage change in price
Indicate whether the statement is true or false
The supply curve of labor to a monopsonist is
A. downward sloping, but not because of the law of diminishing marginal returns. B. horizontal. C. downward sloping because of the law of diminishing marginal returns. D. upward sloping.
Refer to the information below. The implicit costs of Harvey's firm in the first year were:
Harvey quit his job at State University where he earned $45,000 a year. He figures his entrepreneurial talent or foregone entrepreneurial income to be $5,000 a year. To start the business, he cashed in $100,000 in bonds that earned 10 percent interest annually to buy a software company, Extreme Gaming. In the first year, the firm sold 11,000 units of software at $75 for each unit. Of the $75 per unit, $55 goes for the costs of production, packaging, marketing, employee wages and benefits, and rent on a building. A. $50,000 B. $60,000 C. $100,000 D. $150,000
For a monopoly, marginal cost equals average total cost at every level of output.
Answer the following statement true (T) or false (F)