Explicit costs:
A. are variable in the short run.
B. are fixed in the short run.
C. measure the opportunity costs of the resources supplied by the firm's owners.
D. measure the payments made to the firm's factors of production.
Answer: D
You might also like to view...
The preceding table gives monthly production information for Peter's Peanuts, a firm in a perfectly competitive industry. An increase in the wage rate for labor leads to
A) an increase in the quantity of labor demanded. B) a decrease in the quantity of labor demanded. C) an increase in the demand for labor. D) a decrease in the demand for labor.
As economic growth rises, literacy rates tend to fall
a. True b. False Indicate whether the statement is true or false
Two South Pacific islands, Aba and Ema, have very different Gini coefficients. Aba's is 0.90 and Ema's is 0.40 . That's enough information to tell you that
a. both islands have a relatively equal income distribution because their Gini coefficients are both less than 1 b. Aba's income is growing faster than Ema's c. Ema's distribution of income is less equal than Aba's d. Ema's distribution of income is more equal than Aba's e. Aba's population is growing faster than Ema's
Looking at the table of the four types of goods, goods that are nonexcludable consist of ______ goods.
a. private and public
b. private and common
c. public and common
d. public and club