Which of the following is least likely to limit the ability of a firm to minimize production costs?
A) Resistance by labor.
B) The fact that the firm is a nonprofit organization.
C) An increase in the amount of competition faced by the firm.
D) Legislated input combinations for firms in particular industries, e.g, health care.
C
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According to the article, we can conclude that the standard of living
A) is higher in Brazil because its citizens feel more control over their lives and have experienced job and wage growth. B) is higher in Japan because their life expectancy is longer. C) is higher in Japan because its GDP is higher. D) might be higher in Japan because it has a higher per capita real GDP but other factors such as Brazilians' satisfaction with their lives and economic growth should be considered when determining economic well-being.
As a firm in a monopolistically competitive market successfully differentiates its products and earns a positive economic profit, it is soon imitated by its rivals and profit of the firm falls to zero
a. True b. False Indicate whether the statement is true or false