This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Define what a firm is and its role in the market. What will be an ideal ... (Read 47 times)

tingc95

  • Hero Member
  • *****
  • Posts: 556
on: Jun 29, 2018
Define what a firm is and its role in the market.
 
  What will be an ideal response?

Question 2

If marginal product is decreasing what can we say about what is happening to average product? Explain.
 
  What will be an ideal response?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

bbburns21

  • Sr. Member
  • ****
  • Posts: 336
Reply #1 on: Jun 29, 2018
Answer to Question 1

The firm is an organization that transforms resources (inputs) into products (output). Firms are the primary producing units in a market economy.

Answer to Question 2

You can't actually say anything about it. If marginal product is above average product but still decreasing it will bring the average product up. If marginal product is below average product it will bring average product down.


tingc95

  • Member
  • Posts: 556
Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

triiciiaa

  • Member
  • Posts: 349
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

It is difficult to obtain enough calcium without consuming milk or other dairy foods.

Did you know?

In 2006, a generic antinausea drug named ondansetron was approved. It is used to stop nausea and vomiting associated with surgery, chemotherapy, and radiation therapy.

Did you know?

Only one in 10 cancer deaths is caused by the primary tumor. The vast majority of cancer mortality is caused by cells breaking away from the main tumor and metastasizing to other parts of the body, such as the brain, bones, or liver.

Did you know?

People who have myopia, or nearsightedness, are not able to see objects at a distance but only up close. It occurs when the cornea is either curved too steeply, the eye is too long, or both. This condition is progressive and worsens with time. More than 100 million people in the United States are nearsighted, but only 20% of those are born with the condition. Diet, eye exercise, drug therapy, and corrective lenses can all help manage nearsightedness.

Did you know?

Blastomycosis is often misdiagnosed, resulting in tragic outcomes. It is caused by a fungus living in moist soil, in wooded areas of the United States and Canada. If inhaled, the fungus can cause mild breathing problems that may worsen and cause serious illness and even death.

Rebound Tenderness, Apply Firm Pressure to the Abdomen Rebound Tenderness, Apply Firm Pressure to the Abdomen
The answer to “What is the proper role of children in an economy?” varies by social class, ... The answer to “What is the proper role of children in an economy?” varies by social class, ...
The role of antigen-presenting cell (APC). The role of antigen-presenting cell (APC).
Phospholipids’ Role in Your Cell Membranes Phospholipids’ Role in Your Cell Membranes
Role of Productivity in Determining Output per Worker, 2009 Role of Productivity in Determining Output per Worker, 2009
Juan's Software Service Company is in a perfectly competitive market. Juan has total fixed ... Juan's Software Service Company is in a perfectly competitive market. Juan has total fixed ...
Video: Gastrin (protein digestion)

For a complete list of videos, visit our video library