The Basic Activity of a Firm Is

question 157

Multiple Choice

The basic activity of a firm is

• A)to set the prices of its products as high as possible.
• B)to compete with other firms that produce similar products.
• C)to provide jobs for its employees.
• D)to use inputs to produce outputs of goods and services.

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Definitions:

Bioaccumulation

The concentration of a chemical pollutant in the tissues of an organism rises over the course of the organism’s lifetime.

Greenhouse Effect

Warming of Earth’s lower atmosphere and surface as a result of heat trapped by greenhouse gases.

Primary Production

The production of organic compounds from atmospheric or aquatic carbon dioxide, principally through the process of photosynthesis or chemosynthesis.