The resources used to make goods and services are called ____________ .
a. factors of production.
b. the gross national product.
c. the production possibilities frontier.
d. opportunity costs.
Ans: a. factors of production.
Economics
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The above figure illustrates a firm's total revenue and total cost curves. Which one of the following statements is FALSE?
A) Economic profit is the vertical distance between the total revenue curve and the total cost curve. B) At output Q1 the firm makes zero economic profit. C) At an output above Q3 the firm incurs an economic loss. D) At output Q2 the firm incurs an economic loss.
Economics
Damage from floods and hurricanes which destroy a large portion of this year's crop of oranges will definitely make oranges more price inelastic in supply
Indicate whether the statement is true or false
Economics