When someone receives a gift that they don't want:
A. it is impossible to determine the cost or value of the gift.
B. the cost and value of the gift are both equal to zero.
C. the cost of the gift is less than the value.
D. the value of the gift is less than the cost.
Ans: D. the value of the gift is less than the cost.
Economics
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A firm will maximize profit at the level of output where:
A) its marginal revenue equals total cost. B) its marginal revenue equals marginal cost. C) its total cost equals total revenue. D) its average revenue equals average cost.
Economics
In the short run, the marginal-revenue product curve is ________ because of ________.
A. downward sloping; diminishing returns B. upward sloping; increasing returns C. downward sloping; increasing returns D. upward sloping; diminishing returns
Economics