40. Economic goods and services produced by business firms are A. Productivity B

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40. Economic goods and services produced by business firms are A. Productivity B. Resources C. Technological progress D. Outputs E. Innovations
41. A dentist's practice is organized as a sole proprietorship. Last year the dentists total revenue was $320,000 and total costs were $250,000. The dentist left a job paying $112,000 a year to start the sole proprietorship. How much economic profit did the dentist make last year? A. $70,000 B. $320,000 C. -42,000 D. $112,000 E. $208,000
42. True or false? The objective for a firm is to maximize total revenue
46. The most famous cartel is A. WTO B. NAFTA C. Microsoft D. Walmart E. OPEC
48. What characteristic is unique to oligopolistic firms? A. Economic profits can exist in the short run. B. Homogeneous products C. Barriers to entry in the market D. Interdependence of firms E. Economic profits can exist in the long run
51. True or false? By using similar methods to determine price, firms can have similar prices without having to collude. 40. Economic goods and services produced by business firms are A. Productivity B. Resources C. Technological progress D. Outputs E. Innovations
41. A dentist's practice is organized as a sole proprietorship. Last year the dentists total revenue was $320,000 and total costs were $250,000. The dentist left a job paying $112,000 a year to start the sole proprietorship. How much economic profit did the dentist make last year? A. $70,000 B. $320,000 C. -42,000 D. $112,000 E. $208,000
42. True or false? The objective for a firm is to maximize total revenue
46. The most famous cartel is A. WTO B. NAFTA C. Microsoft D. Walmart E. OPEC
48. What characteristic is unique to oligopolistic firms? A. Economic profits can exist in the short run. B. Homogeneous products C. Barriers to entry in the market D. Interdependence of firms E. Economic profits can exist in the long run
51. True or false? By using similar methods to determine price, firms can have similar prices without having to collude. 40. Economic goods and services produced by business firms are A. Productivity B. Resources C. Technological progress D. Outputs E. Innovations
41. A dentist's practice is organized as a sole proprietorship. Last year the dentists total revenue was $320,000 and total costs were $250,000. The dentist left a job paying $112,000 a year to start the sole proprietorship. How much economic profit did the dentist make last year? A. $70,000 B. $320,000 C. -42,000 D. $112,000 E. $208,000
42. True or false? The objective for a firm is to maximize total revenue
A. WTO B. NAFTA C. Microsoft D. Walmart E. OPEC
48. What characteristic is unique to oligopolistic firms? A. Economic profits can exist in the short run. B. Homogeneous products C. Barriers to entry in the market D. Interdependence of firms E. Economic profits can exist in the long run

Explanation / Answer

40) outputs

41)-42000

42) false

46) OPEC

48) interdependence of firms

51) false

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