A firm is making an economic loss of $100,000. This means that: multiple choice 1 the firm should immediately exit the industry. the firm's revenues are less than its opportunity costs. the firm is not making an accounting profit. the firm could increase economic profit if its resources were used in a different way. If a firm is making an economic profit of zero: multiple choice 2 it will have unhappy stockholders. it is not making an accounting profit. the firm should change to a different line of business. it cannot make a higher economic profit by changing how it is using its resources.

1. list five staple convenience goods that you or your household buys on a regular basis. (you do not need to use complete sentences. 2.5 points) 2. list three impulse convenience goods that you or someone you know has purchased. (you do not need to use complete sentences. 2.5 points) 3. describe a shopping good that you or someone you know purchased. what kind of research did you or that person do before buying the product? (1-5 sentences. 3.0 points) 4. choose an example of a company you could start, and decide which business structure would make the most sense for that type of company (sole proprietorship, partnership, llc, c corporation, s corporation, or nonprofit corporation). explain why this structure would be good for this type of company. give at least 3 reasons. (3-6 sentences. 6.0 points) 5. if you were starting a new business, describe at least three departments to the company that you would need right away. why are these departments so important? (1-5 sentences. 3.0 points) 6. describe a product that you think has saturated its market. what makes you think it has saturated its market? (1-5 sentences. 3.0 points)