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Sole Propietorship; corporations
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___________ are more numerous, but ___________ sell more goods and services.
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Corporation
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a legal entity owned by individual stockholders, and business that is owned by many investors
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Opportunity Cost
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Which of the following is an implicit cost?
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Implicit cost
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Cost incurred by a firm through the foregone earnings on capital invested is a
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Ford asks its workers to work overtime
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Which of the following examples represents the short run?
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Negative marginal returns
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When hiring additional workers reduces total output, the firm faces
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ATC-AFC
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Which of the following is equivalent to average variable cost
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Average fixed cost
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Regarding the short run cost model, the vertical distance between the average total cost curve and the average variable cost
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Average fixed cost curve
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Which curve is not bowl shaped?
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Diseconomies of scale
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If a firm increases its inputs by 80% and its output increases by 60%, then this would be an example of
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Economies of scope
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A bicycle factory finds that it can lower costs if it produces tricycles and unicycles this is an example of
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