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☆☆☆☆☆Cards in this guide (17)
What is marginal cost
Marginal cost is the change in total cost incurred by adding 1 more unit of output to production.
the amount a firm's costs change when an additional good or service is produced.
What do the economic systems of other countries have in common with the economic system of the US
They face the same basic economic problems
Which instrument is sometimes used by a symphony orchestra to set the pitch for the other instruments in the orchestra
oboe
Which oval-shaped instrument is sometimes referred to as a sweet potato
It is called an 'Ocarina'.
There are over twenty different types of which instrument created by John Denner in the Early 1700s
The Clarinet.
Woodwind instruments does not use bellows as a source of air
ocarina. :]
Why must firms make decisions about which goods they will produce
because firms have access to limited resources of land, labor, and capital
What is typically the most efficient ratio of labor to capital
equal amounts of labor and capital
When a firm makes a profit by producing enough goods to meet demand without having leftover supply at what point is it
When a firm makes a profit by producing enough goods to meet demand without having leftover supply the point of profit is where marginal revenue equals marginal cost.
What is the point at which producers and consumers agree on a price to sell and buy
market
What does the decision of how much to produce depend upon
The demand for the goods
What is a major factor in the decision buying process
Rate of depriciation
During which phase in the process must a firm allocate its factors of production
i dont know the damn answer thats why i ask
A firm is producing a line of designer silk ties what is its target market
middle-aged men
A firm is producing a line of chic hair care products and accessories what is its target market
Young Women
What is Considered one of the primary factors of production plus
Entrepreneurship
A firm is dependent on which of these to help it make decisions about production
consumer taste
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