economic profit serves as a beacon to entrepreneurs.  This means

Q: When a firm's average total cost is at its minimum, what type of efficiency is achieved? A.…

A: In economics, efficiency is a key idea that helps in understanding how well resources are being used…

Q: There exists a fundamental contradiction in capitalist ideology: Competition is regarded as a…

A: Capitalism is defined as the economic system that would be based on the private ownership related to…

Q: 20. Assume that to produce 5 cars, a firm can use one of the production methods below. If the cost…

A: When it comes to economic efficiency, it is a state of things in which every resource is distributed…

Q: Multiple Choice Identify the choice that best completes the statement or answers the question. 1. A…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: An entrepreneur creates a product that costs $25 to make, but no customer is willing to pay more…

A: Value creation refers to the process of enhancing the value of a product by improving its features,…

Q: In 2023, four years after legalization, cannabis dispensaries in Toronto made an economic profit of…

A: Economic profit, unlike accounting profit, considers all the costs associated with production,…

Q: Differences across firms in activities produce disparities in cost and willingness to pay and hence…

A: The value chain is composed of the different business activities and processes that contribute to…

Q: When a firm's average total cost is at its minimum, what type of efficiency is achieved? A.…

A: In the domain of financial matters, effectiveness is a focal idea frequently used to assess the…

Q: An industry consists of 50 firms with equal sales. What is the HHI? a. 50 b. 200 c. 400 d. 800 e.…

A: The Herfindahl-Hirschman Index is an index that is used to measure the size of the firms in relation…

Q: 1. According to Paul Hawkins, why is it no longer plausible for corporations to pursue the maxim…

A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…

Q: When starting a business, many people do not see the value of a business plan. They have an idea and…

A: A business strategy or business plan can assist us comprehend the viability of a concept. Before…

Q: If a firm spends $200 to produce 20 units of output and spends $400 to produce 40 units of output,…

A: Marginal cost is the additional cost incurred to produce an additional unit of output

Q: The primary inducement for new firms to enter an industry is:  A. increased technology. B.…

A: Total revenue is the product of price and quantity.  Total cost is the total cost of producing…

Q: 1. Think of some new products, or techniques of production, that have been developed over the last…

A: Innovations are part of development in an economy. Due to innovations, new technologies are…

Q: According to the corn market depicted below, what do we expect to happen as this market transitions…

A: In the long run, a perfectly competitive firm makes zero economic profit. Attracted by the positive…

Q: Food Fanatics caters meals where its costof producing an extra meal is $25. Each ofits meals sells…

A: The firm will enhance its profit by employing more variable input to create more output as long as…

Q: 10. Which one the following represents a theory for the long-term? a. Theory of factor endowments b.…

A: Long run or long-term is the time where all variables can change. In production theory, in the long…

Q: 2. Explain economies of scope and provide an example.

A: The firms and businesses tend to operate in the markets with the motive of maximizing the level of…

Q: 1. Transfer prices should be set at a. marginal cost of the selling division plus a reasonable…

A: A transfer price is the price at which goods, services, or assets are exchanged between various…

Q: A firm is an economic institution that transforms _____ of production into _____ for consumers.…

A: Firms are fundamental economic entities that play a central role in transforming inputs into…

Q: Which of the following is NOT one of the advantages of being a first mover? A. A sustainable…

A: B. The financial strain of creating a new market. This option is NOT an advantage of being a first…

Q: which of the fallowing is the most accurate statement about the

A: The impact of business in society is gives more opportunities like employment generation ,…