According to economists, which of the following is NOT a factor of production?
A. Money.
B. Labor.
C. Entrepreneurship.
D. Land.
Answer: A
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In the economic way of thinking, all ignorance is ultimately
A) rational ignorance. B) irrational. C) inefficient. D) unjust. E) selfish.
If Mario's Pizza, a large frozen pizza distributor, builds a tomato sauce plant near Red Tomatoes, a large tomato farm, to reduce the costs of transporting fresh tomatoes, the tomato sauce plant is a(n) ________.
A) negotiation cost B) monitoring cost C) information asset D) transaction-specific asset
The long-run average cost curve is tangent to the minimum point of every short-run average total cost curve
a. True b. False
Exhibit 8-5 Demand and cost data for a monopolist Price Quantity TR MR TC Profit $10 1 10 10 4 9 2 8 8 3 12 7 4 16 6 5 20 5 6 24 4 7 28 3 8 32 2 9 36 1 10 40 Refer to Exhibit 8-5. The demand schedule and cost schedule for a monopolist are provided. Which output level maximizes profit?
A. 2. B. 6. C. 4. D. 7.