Use the following table to answer the next question. The table shows the total costs associated with varying levels of output produced by a perfectly competitive firm.OutputTotal Cost0$2,50012,70023,10033,70044,50056,000If the product sells for $1,200 a unit, the firm's profit-maximizing output is
A. 2.
B. 3.
C. 4.
D. 5.
Answer: C
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In economics, the term "shortage" means that the quantity demanded is greater than the quantity supplied at the existing price
a. True b. False Indicate whether the statement is true or false
Suppose the price elasticity of supply for crude oil is 2.5. How much would price have to rise to increase the quantity supplied by 20%?
A. 20% B. 8% C. 12.5% D. 45%
If a firm has implicit costs as well as explicit costs
A) net income will always be less than accounting profit. B) accounting profit will be zero. C) net income will always be greater than accounting profit. D) economic profit will be less than accounting profit.
A World View article titled "The Best Global Brands" discusses the value of brand names. In 2016 which of the following was the most valuable brand name?
A. Google. B. Coca-Cola. C. McDonalds. D. Apple.