Which of the following is NOT counted as an economic resource?
a. Land.
b. Physical labor.
c. Mental abilities of labor.
d. Money supply.
e. Entrepreneurship.
.D
Economics
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The firm in the figure above is ________ that is equal to ________
A) making an economic profit; $5.14 × 7 B) making an economic profit; $3.00 × 7 C) incurring an economic loss; $5.14 × 7 D) incurring an economic loss; ($5.14 - $3.00 ) × 7 E) making an economic profit; ($5.14 - $3.00 ) × 7
Economics
Suppose a business experiences a sudden increase in its fixed costs. For example, suppose property taxes increase dramatically. What impact, if any, will this have on the firm's AFC (average fixed cost), AVC (average variable cost), ATC (average total cost) and MC (marginal cost) and therefore these cost curves? Why?
Economics