A product is called a good if .
a. its price is below the market standards
b. it is predomin...
Business, 17.12.2020 17:30 lol15arec001
A product is called a good if .
a. its price is below the market standards
b. it is predominantly tangible
c. it has been standardized
d. it is sold directly to the end consumers
e. its price is above the market standards
Answers: 2
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Afirm’s production function is represented by q(m,r) = 4m 3/4r1/3, where q denotes output, m raw materials, and r robots. the firm is currently using 6 units of raw materials and 12 robots. according to the mrts, in order to maintain its output level the firm would need to give up 2 robots if it adds 9 units of raw materials. (a) true (b) false
Answers: 3
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Describe what fixed costs and marginal costs mean to a company.
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