In order for a firm to earn economic profits, price must exceed average total cost.

a. True

b. False

Bergeron Corporation's Fine Furniture division reported a net operating income of $3,200,000 in the most recent reporting period. The division absorbed indirect fixed corporate expenses of $1,400,000.

Because eric is a price taker, this last condition can also be written as

When a government collect more revenue in one year than it spends there is a budge

Howard Company has two support departments (S1 and S2) and two producing departments (P1 and P2). Department S1 costs are allocated on the basis of number of employees, and Department S2 costs are allocated on the basis of space occupied expressed

12. A freeze in Peru causes the price of coffee to skyrocket. Assuming coffee and tea are substitutes, which of the following will happen? [A] The quantity demanded of coffee will increase, and the quantity demanded of tea will increase.

Aaron has recently started working at a credit union. Which motive might have prompted Aaron to join the credit union? A. to earn profit B. to sell the organization's stocks in the financial market C.

The Ethics Review Board at XYZ College is composed of students who were elected by the student body. When a student is charged with an ethics violation, the Board meets to hear both sides of the dispute in a confidential meeting.

You buy a house for $220,000 in a neighborhood where home prices have risen 5% annually on average. You suspect that growth in home prices will slow to an average of 3.5% per year over the next five years. If your growth estimate of 3.

Sam's business will cost $49,500 to set up and run for the first year. Sam then expects an annual operational expense total of $30,500.

Hemming saw an advertisement for a Cadillac convertible once owned by the famous early rock 'n' roll singer Elvis Presley. He contracted to buy it from Whitney for $350,000 and sent Whitney $10,000 as a deposit.