Which of the following is the best example of an intermediate good?
A. A new highway
B. The commission that goes to a real estate agent
C. Wax purchased by a candle company
D. Wheat sold to a foreign country
Answer: C
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In England, a system of established markets, the market overt and fairs, had been established. The purpose was to
(a) provide an organized means for the exchange of produced goods or movable property such as livestock. (b) allow government officials to inspect the quality of the goods and regulate business activities. (c) provide for the legal transfer of title when chattel goods changed hands between buyers and sellers. (d) apply all of the above.
Which of the following statements is TRUE?
a. Average cost (AC) is irrelevant to extent decisions b. Average cost determines how much you produce c. Marginal cost (MC) is irrelevant to extent decisions d. All of the above