If a business produces and sells only one unit of a good, its profit would be the
a. price received for the good
b. price of the product minus the cost of the resources used to produce the product
c. return paid to the firm's bank on its outstanding loans
d. price of the product minus the wages paid for the labor used to produce it
e. wages paid for the labor used to produce the product minus the price
Question 2
An entrepreneur
a. always makes a profit
b. generally avoids risky situations
c. claims the residual (i.e., whatever is left over) after other resource suppliers are compensated
d. is a parasite that benefits by not paying other resources for their services
e. is the manager who runs an enterprise and keeps the customers happy
A seashell vendor in Tanzania sells to tourists seashells which have been taken from the sea alive,
Mixing bacterial genotypes produces rare recombinants
Jeremy Deller, A Good Day for Cyclists (painted by Sarah Tynan).
Profit-maximizing Chart
Schematic depiction of the action of tryptophan synthase in one functional unit
Business Mathematics in Canada, 11e (Jerome, Worswick)