Exam 10: Organizing Production

Use the table below to answer the following questions. Table 10.2.1 -Refer to Table 10.2.1,which shows three methods for making photon torpedoes.Which method is technologically efficient?

If a market is shared equally by four firms,the Herfindahl-Hirschman Index is

Which of the following industries in Canada has the lowest four-firm concentration ratio?

The Herfindahl-Hirschman Index (HHI)for a local water supplier is

Use the information below to answer the following questions. Fact 10.2.1 Consider the following three methods of preparing your tax return.Method A uses a personal computer (cost equal to $1,000)and 1 hour of your time.Method B uses a calculator (cost equal to $30)and 12 hours of your time.Method C uses pen and paper (cost equal to $1)and 2 days (16 hours)of your time. -Consider Fact 10.2.1.Choose the best statement.

Firms organize production by using

Economic depreciation is

Team production is a production process in which

One difference between perfect competition and monopolistic competition is

The legal responsibility for debts incurred by a sole proprietorship falls upon

Mr.Brown opens his restaurant as a sole proprietorship.After a year of disastrous reviews,he has gone deeply into debt.His liability is

The Herfindahl-Hirschman Index (HHI)is the square of the percentage market share of each firm summed over the ________ firms in a market.

One difference between oligopoly and monopolistic competition is

If economic profit is equal to zero then the firm is making

The Herfindahl-Hirschman Index is calculated as

The implicit rental rate to a firm of owning a building is

A firm's opportunity cost includes

Gerald is a freelance writer who could work for a newspaper at $25,000 a year but instead runs his own business making revenue of $40,000 a year.His only business expenses are $1,000 for writing materials and $12,000 for rent.What is Gerald's economic profit from working as a freelance writer?

A group of business people are having coffee.Which of the following quotations describes economies of scale?

Use the table below to answer the following questions. Table 10.2.1 -Refer to Table 10.2.1.If the price of labour is $10 per unit and the price of capital is $20 per unit,which method is economically efficient?