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Economics 14th Edition by James Gwartney,Richard Stroup, Russell Sobel ,David Macpherson
Edition 14ISBN: 978-1133561644Economics 14th Edition by James Gwartney,Richard Stroup, Russell Sobel ,David Macpherson
Edition 14ISBN: 978-1133561644 Exercise 2
The owners of a firm are residual income claimants. How does their property right to the residual income affect their incentive to (a) produce efficiently and keep cost low and (b) supply goods that consumers value highly relative to cost? Why is this important?
Explanation
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(a) Their property right to the residual...
Economics 14th Edition by James Gwartney,Richard Stroup, Russell Sobel ,David Macpherson
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