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1. The assumed goal of firms in the marketplace is to: a maximize sales. b maximize revenue. c maximize opportunity cost. d maximize profit. 2.Which of the follow is the best example of a good or service sold by firms operating in an oligopoly? . Avocados B. Movie theaters C. Ibrance, a patented drug used to slow the spread of breast cancer D. Airplane manufacturers 3. Suppose Frank left his $50,000 per year job to start his own consulting business. In his first year, Frank was hired by 6 clients that paid $10,000 each for his services. Frank spent $2,500 on a new laptop and printer and had $1,000 in other business-related expenses in his first year. In his first year, Frank had an accounting profit of an economic profit of A. $56,500; $6,500 B. $56,500; $56,500 C. $60,000; $6,500 D. $60,000; $56,500 and

1. The assumed goal of firms in the marketplace is to: a maximize sales. b maximize revenue. c maximize opportunity cost. d maximize profit. 2.Which of the follow is the best example of a good or service sold by firms operating in an oligopoly? . Avocados B. Movie theaters C. Ibrance, a patented drug used to slow the spread of breast cancer D. Airplane manufacturers 3. Suppose Frank left his $50,000 per year job to start his own consulting business. In his first year, Frank was hired by 6 clients that paid $10,000 each for his services. Frank spent $2,500 on a new laptop and printer and had $1,000 in other business-related expenses in his first year. In his first year, Frank had an accounting profit of an economic profit of A. $56,500; $6,500 B. $56,500; $56,500 C. $60,000; $6,500 D. $60,000; $56,500 and

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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1. The assumed goal of firms in the marketplace is to: a maximize sales. b maximize revenue. c maximize opportunity cost. d maximize profit. 2.Which of the follow is the best example of a good or service sold by firms operating in an oligopoly? . Avocados B. Movie theaters C. Ibrance, a patented drug used to slow the spread of breast cancer D. Airplane manufacturers 3. Suppose Frank left his $50,000 per year job to start his own consulting business. In his first year, Frank was hired by 6 clients that paid $10,000 each for his services. Frank spent $2,500 on a new laptop and printer and had $1,000 in other business-related expenses in his first year. In his first year, Frank had an accounting profit of an economic profit of A. $56,500; $6,500 B. $56,500; $56,500 C. $60,000; $6,500 D. $60,000; $56,500 and
Transcribed Image Text:1. The assumed goal of firms in the marketplace is to: a maximize sales. b maximize revenue. c maximize opportunity cost. d maximize profit. 2.Which of the follow is the best example of a good or service sold by firms operating in an oligopoly? . Avocados B. Movie theaters C. Ibrance, a patented drug used to slow the spread of breast cancer D. Airplane manufacturers 3. Suppose Frank left his $50,000 per year job to start his own consulting business. In his first year, Frank was hired by 6 clients that paid $10,000 each for his services. Frank spent $2,500 on a new laptop and printer and had $1,000 in other business-related expenses in his first year. In his first year, Frank had an accounting profit of an economic profit of A. $56,500; $6,500 B. $56,500; $56,500 C. $60,000; $6,500 D. $60,000; $56,500 and
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