Define what a firm is and its role in the market
What will be an ideal response?
The firm is an organization that transforms resources (inputs) into products (output). Firms are the primary producing units in a market economy.
Economics
You might also like to view...
Refer to the table above. What is the average fixed cost of producing 110 units of the good?
A) $1.36 B) $1.72 C) $37.50 D) $150
Economics
A risk-preferring person is willing to pay
A) a risk premium. B) a fee to make a fair bet. C) to obtain decreasing marginal utility. D) None of the above.
Economics