Management Economics Answers Synergy Test

The break-even point on the chart corresponds to the intersection point of the curves ... gross costs and gross income average costs and prices average costs and gross costs marginal cost and average cost Consumer income growth reduces demand for ... essential goods goods with a single elasticity of demand low quality goods luxuries It is not true that the costs of ... are transactional finding trading partners storage of goods securing property rights In ... theory, a company is considered as a production unit, the activity of which is described by a production function, and the goal is to maximize profits behavioristic capitalist evolutionary institutional neoclassical Normal profit is profit ... providing the entrepreneur with a comfortable standard of living received by the firm in the normal course of business which is necessary for the firm to remain within the given line of activity obtained by the company at MC = MR The costs of a firm protecting its trademark are related to ... costs transactional variables marginal discretionary Natural monopoly should be regulated by the state, because otherwise ... supply volume will be below optimal other firms will not be able to enter the industry market predatory use of resources will take place overproduction of goods will occur firms operating in the industry market will incur losses In the context of the modern interpretation of profit maximization as the economic goal of the company, it can be argued that ... in modern conditions, the company is satisfied with a satisfactory profit maximizing sales and maximizing growth are alternative goals for the firm profit maximization by the company is possible in a very short period of time the management of the company can have no other purpose than maximizing profits by the company The relationship between all possible combinations of factors of production and the volume of output is expressed ... total product yield curve production curve gross cost curve production function The growth in production due to the increase in the number of any factor of production by 1 unit and with a constant number of other factors, the company is characterized by such a category as ... marginal cost margin marginal rate of technological substitution marginal product Net present value ... exceeds current value of income does not take into account opportunity costs of using capital less than the current value of income by the amount of investment equal to net future discounted value The commodity market is in equilibrium if ... at a given price, buyers ´intentions to buy a given quantity of goods coincide with sellers´ intentions sell the same amount of goods there is no surplus or shortage of goods on the market the volume of demand for goods is equal to the volume of supply Fixed costs include the costs of the company for ... salaries of management employees wages of production personnel payment of fuel and electricity for technological purposes rent of finished goods warehouse security of premises To achieve a monopoly position in the industry is possible by ... cartel formation obtaining a patent or license liquidation of unloaded capacities lobbying to establish import quotas or tariffs All consumer surplus is appropriated by a company that ... monopolizes the market makes perfect price discrimination maximizes the difference between marginal revenue and marginal cost maximizes gross margin It’s not true that ... refers to the economic goals of the company profit increase cost return on equity improving the quality of goods