Adding value means
A) to make products that have positive prices.
B) that the value of a firms output is greater than the value of the output that was not produced by the inputs the firm employs.
C) that the firm has a positive economic profit.
D) that economic profit is zero.
Correct Answer:
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Q2: Entry of new firms causes
A)accounting profits to
Q3: If a firm's product becomes a commodity
A)the
Q4: According to economic theory, profits are maximized
Q5: Managers should maximize
A)social accountability.
B)the health and welfare
Q6: Fixed costs
A)do not vary with output
B)vary with
Q8: How often should a firm address 'social
Q9: If a firm does not maximize value
A)it
Q10: Executives should
A)spend an additional dollar on an
Q11: A firm needs to maximize the value
Q12: If firms are exiting a market then
A)economic
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