Which of the following are considered factors of production?I.LandII.LaborIII.Physical capitalIV.Entrepreneurship
A. I and II only
B. I and III only
C. I, II and III only
D. I, II, III and IV
Answer: D
Economics
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The downward-sloping portion of the marginal cost curve is the only portion that matters in production
Indicate whether the statement is true or false
Economics
If marginal revenue exceeds marginal cost, profit maximizers should
a. reduce output until they are equal b. increase output until they are equal c. increase output until profits are zero d. decrease output unless profits are zero e. maintain current output
Economics