Regardless of the Type of Business,all Businesses Need to Generate

question 67

True/False

Regardless of the type of business,all businesses need to generate revenue.

Determine break-even points and shutdown points for competitive firms.

Analyze the impact of market price changes on a competitive firm's output decisions in the short run.

Understand the relationship between exercise and mental health, particularly depression.

Recognize the association between physical fitness and reduced anxiety.

---

Definitions:

Efficient

The optimal use of resources to achieve the desired output with minimal waste, or achieving a goal in the most cost-effective way.

MSB = MSC

A condition where the Marginal Social Benefit of consuming a good equals the Marginal Social Cost of producing it, representing an optimal allocation of resources.

Public Park

A plot of land, usually owned by a government, open to the public for recreation and relaxation, without an entrance fee.

Positive Externality

A benefit received by third parties not directly involved in an economic transaction, like the environmental benefits from a public park.