Homework Answers
Answer 1. True
Reason- Profit maximization means finding best use for the resource, such that the difference between total revenue and total cost is maximized.
Answer 2. True
reason- A loss of business owner is the punishment for not using resources in the best possible way. Loss occurs when Total cost is more than total revenue. This happens when Resource is not used properly.
Answer 3. True
reason- When a firm suffering loss goes bankrupt it is beneficial for the society because it helps in moderating the economy by preventing over heating during boom period and stimulating the economy during recession.
Answer 4. False
reason- One can have absolute advantage in the production of a good but comparative advantage depends on the lower opportunity cost of production.
So we may or may Not have comparative advantage in the production of good in which we have absolute advantage.
Note-According to HOMEWORKLIB RULES first four parts can be answered
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