Which of the following is defined as the value of the resources used compared to the value of the resources saved or created? Group of answer choices Absolute profit Absolute benefit Absolute cost Absolute price

Q: Over-production results in

A: Over Production refers to the situation when the firm produces quantity of goods more than its…

Q: Discuss how the production theory and price determinations help businesses achieve both their…

A: The Theory of Production is defined as an effort to explain the principles that are followed by…

Q: loss of competitive value of your competitors resource can also impact the value of your resource…

A: A resource or capability is considered to be valuable in the scenario if it allows the firm to…

Q: What is one industry, firm, or product that has disappeared from the market as a result of…

A: Creative destruction describes the intentional destroying of laid-out processes to clear a path for…

Q: Which external sources of recruitment are commonly used by the big enterprises that you believe are…

A: The process of finding and recruiting the best applicants in order to hire them for open positions…

Q: Which of the following is true of profits and losses? Profits direct entrepreneurs toward production…

A: Profit:   The profit is the excess of the revenues over expenditure at the given period of time…

Q: Which of the following is a land resource?              A farmer        An oil-drilling rig        A…

A: The factors of production are those resources which are used to produce commodities and services.

Q: The marginal cost of producing the third unit of output is

A: Answer to the question is as follows :

Q: Select the two options that belong in positions E and L. Product Markets Consumption Spending…

A: Circular flow of income:- The continual flow of products and services manufactured, revenue, and…

Q: Which of the following is CORRECT? Select one: If a firm is technologically efficient, it is always…

A: Technological Efficiency: A firm is said to be technically efficient when it started producing…

Q: The marginal resource cost of a resource measures the extra cost incurred by one more unit of the…

A: Marginal cost is the change in total cost divided by change in output.

Q: The followings are the examples of typical   economic decisions made by the managers of a firm.…

A: Meaning of Economic Decisions: The term economic decisions stand or illustrate how a firm develops…

Q: A print shop wants to expand production. It currently has 20 workers and 8 copiers and recently…

A: In a market, a firm uses various input resources to produce output and some of the inputs are…

Q: Which of the following statements is true Select one: a. If economic profit is negative, accounting…

A: Accounting profit is the difference between TR (total revenue) and TC(total cost). Economic profit,…

Q: If the resource is so abundant that the initial gap between the price and the marginal extraction…

A: since you have asked multiple questions and according to our policy we can only solve the first…

Q: Companies can typically maximize their prots by operating at the minimum average total cost curves,…

A: Economic profit= (Price-ATC) *Quantity

Q: Solve the attachment.

A: Opportunity cost is termed as alternative cost. It is the lost gain which can be acquired from the…

Q: Suppose we have a perfectly competitive market that is efficient. Which of the following, when…

A: Perfect competition is theoretically a monopoly that allows a company to charge any price, as only…

Q: Under what conditions would a rational firm tolerate losses on production and sale of an item?

A: Rational firms are those firm who maximise their profit with given level of resources .

Q: Identify whether the market supply curve will shift right or left or will stay the same for the…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Scarcity is a condition that exists when A. there is a fixed supply of resources relative to the…

A: Economics provide information about the production and consumption decision of the citizens based on…

Q: Allocative efficiency is an economic concept regarding efficiency at the social or societal level.…

A: Here answer is “Has no motivation to operate at an output level where P=MC, once a barrier is in…

Q: Suppose Larry's Lariats produces lassos in a factory, and uses nine feet of rope to make each lasso.…

A: Fixed cost refers to the costs that remain the same regardless of the level of production.

Q: The derived demand curve for a resource: is downward sloping because consumers buy more of goods…

A: The derived demand curve for the resource explains that when the price of the resource is increase…

Q: “Creative destruction” is the process by which: a. Old buildings are demolished and new ones are…

A: The economics as a study is considered to be of utmost importance for the proper working of the…

Q: The measure of the cost of a particular good in terms of what is given up to produce that good is…

A: The costs reflect the amount of dollars that a business firm must use to carry out its production…

Q: Question 4 If firms are competitive and profit maximizing, the price of a good equals the...…

A: "A competitive market structure in economics is the one in which there are many buyers and sellers.…

Q: Explain production function to a non-academic audience.

A: Factors of production or economic resources are the major building blocks of production in an…

Q: According to the Resource-Based View, which of the following is most likely to result in sustainable…

A: The answer is - Access to tangible resources that are currently producing significant value.

Q: In the midst of a multitude of facts, data, and statistics, what fundamental economic models and…

A: Supply and demand make the managers understand as to which product to manufacture and it is the most…

Q: In the long run, in a competitive economy, companies use resources until the extra or marginal…

A: (Q) In the long run, in a competitive economy, companies use resources until the extra or marginal…

Q: ___________ is the amount or subjective value that is forgone in choosing one activity over the next…

A: The cost demonstrates the amount incurred during the manufacturing process of the product/service by…

Q: Author who define descriptive element and analytical element of industrial economics

A: Philip Walter Sawford Andrews is an industrial economist who worked in the field of economics and…

Q: Suppose a firm produces bicycles will the firms accounting statement reflect the opportunity cost of…

A: There are two types of profit: Economic Profit Accounting Profit The economic profit can be…

Q: and false statements (Justify your Statement with reason).   i. The term imperfect competition…

A: This will be explained below:

Q: Companies can typically maximize their profits by operating at the minimum average total cost…

A: The answer to above is false.

Q: In the past century, manufacturing facilities in the U.S. moved away from large market areas due to……

A: In the past century, manufacturing facilities in the U.S. moved away from large market areas due to…

Q: Which of the following is defined as the value of the resources used compared to the value of the…

A: The value of the resources used compared to the value of the resources created would result in the…

Q: What is Normal Profit? Normal Profit is equal to the “Reasonable Rate of Return” for the market.…

A: Normal profit in economics refer to the situation where the total revenue of the firm is equal to…

Q: Whether the consumers or the producers will benefit from the technological progress in a perfectly…

A: Given the amount of production of the other item, production efficiency occurs when one good is…

Q: Consider the following marginal cost function MC= 5 + 2qi. (a) Does the production process exhibits…

A: The production function exhibits the returns to scale or the long run returns of the factors to the…

Q: Which of the following statements correctly explains the average cost and the marginal cost of…

A: Marginal cost refers to additional cost that incurs from producing one more unit of output.