Which of the following describes a firm?
a. Purchases labor hours from workers
b. Borrows capital from investors
c. Combines labor and capital to create production, moving them from their low value use to high value use
d. All of the above
d
Economics
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Which of the following would not be categorized as a form of third-degree price discrimination?
A) Group pricing. B) Promotional pricing. C) Versioning. D) Personalized pricing.
Economics
Profit maximization occurs where
A) each factor is used up to the point where its marginal revenue product is equal to its marginal factor cost. B) each factor is used up to the point where its marginal physical product is equal to its marginal factor cost. C) average variable cost equals marginal cost. D) average variable cost equals average total cost.
Economics