To an economist, the field of industrial organisation answers which of the following questions?
A) How does the difference in the number of firms affect prices and efficiency of market outcomes?
B) Why are consumers subject to the law of demand?
C) Why do firms experience falling marginal product of labour?
D) Why do firms consider production costs when determining product supply?
Correct Answer:
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Q48: The goal of most firms in the
Q49: A firm's profit is equivalent to:
A)its total
Q50: Julia runs a home construction business and
Q51: An economist measures profit as:
A)total revenue minus
Q52: Economists are primarily interested in:
A)the marginal cost
Q54: Total revenue equals:
A)total output multiplied by the
Q55: Opportunity costs are comprised of:
A)explicit costs
B)implicit costs
C)forgone
Q56: The amount of money that a firm
Q57: Profit plus total costs equals:
A)total revenue
B)net profit
C)capital
Q58: Which of the following would be categorised
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