Define the terms Plant, Firm
Define the following terms?
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1. Plant: physical establishment where production or distribution takes place (factory, farm, store).
2. Firm: business organization that owns and operates the plants. (The legal entity)
3. Industry: a group of related firms, producing the same or similar products.
a. Examples include the automobile industry or the tobacco industry.
b. Confusion often occurs because many businesses are multiproduct firms.
“The legal form an enterprise assumes is dictated primarily by the financial requirements of its particular line of production.” Do you agree?
Why does a demand curve slope downward?
While productive resources are utilized efficiently: (w) prices greatly exceed production costs for current outputs. (x) opportunity costs are at their minimums for all goods. (y) domestic production exceeds the value of foreign output. (z) the value
Explain Self-interest of the Market System?
Explain the statement: “Good economic policy requires good economic theory.”?
Briefly describe the term explicit cost and implicit cost?
Illustrate the Law of supply?
Why an economic problem does arise? Answer: It arises due to following reasons: A) Shortage of resources. B) Alternative utilizations of resources. C) Limitless wants and limited resources.
Elucidate the overview of Business Cycle?
Briefly describe the meaning of Modigliani- Miller (M and M) approach?
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