In the short run, if price is below AC, maximizing profits really means minimizing total losses.
Answer the following statement true (T) or false (F)
True
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Adam Smith argued that greater specialization and division of labor are likely to:
A. reduce worker productivity. B. improve standards of living. C. reduce standards of living. D. replace workers with machines, resulting in massive unemployment.
The supply curve shows
a. the same basic information as the demand curve. b. who will have an opportunity to produce or purchase an item. c. the quantity produced as a function of the price. d. plots of what quantities have been sold over the past few weeks or months.
When comparing market and public sector decision making, which statement is NOT true?
A) Self-interest is the motivating force in each decision making arena. B) In both decision making sectors, majority rule is how things are done. C) In both decision making sectors, there are scarcity constraints. D) Collective (political) outcomes and economic outcomes may differ.
What is the future value of $800 one year from today if the interest rate is 7 percent?
a. $747.66 b. $756.00 c. $856.00 d. None of the above are correct to the nearest cent.