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Author Question: Lucinda starts a business consulting company. She makes all the business decisions and bears the ... (Read 153 times)

armygirl

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on: Jun 29, 2018
Lucinda starts a business consulting company. She makes all the business decisions and bears the risk of running the business. The typical payment for Lucinda's work is ________.
 
  A) all the revenue greater than her opportunity cost
  B) all the revenue greater than the capital investment
  C) a normal profit
  D) an economic profit

Question 2

Suppose that the demand for corn is price inelastic. If a technological advance makes corn farms more productive, the equilibrium price of corn will ________ and the farmers' total revenue will ________.
 
  A) rise; increase
  B) rise; decrease
  C) fall; increase
  D) fall; decrease


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softEldritch

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Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

D


armygirl

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

FergA

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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