A Competitive Firm Has Been Selling Its Output for $10

question 319

Multiple Choice

A competitive firm has been selling its output for $10 per unit and has been maximizing its profit. Then, the price rises to $14, and the firm makes whatever adjustments are necessary to maximize its profit at the now-higher price. Once the firm has adjusted, its

• A)marginal revenue is lower than it was previously.
• B)marginal cost is lower than it was previously.
• C)quantity of output is higher than it was previously.
• D)All of the above are correct.

Identify the influence of generational differences on workplace values and ethics.

Understand the methods for resolving value conflicts and promoting ethical behavior in organizations.

Understand the challenges parents face today in instilling values and character in children.

Recognize the impact of generational influences on values and ethics.

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Definitions:

Businesses

Organizations engaged in commercial, industrial, or professional activities.

Sustainable Growth

Economic development that meets the needs of the present without compromising the ability of future generations to meet their own needs.

Ecological Economists

Experts who study the relationship between ecological systems and economic systems, often focusing on sustainability and environmental impacts of economic decisions.

Environmental Economists

Experts who study the economic impacts of environmental policies and the cost-benefit analyses of preserving or degrading the environment.