If team members are able to evaluate other team members, then free riding can be minimized
Indicate whether the statement is true or false
True
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In the mid-1990s, cattle ranchers in the United States kept raising cattle even though prices were at a ten-year low and below average total cost. What is the likely explanation for this?
A) The ranchers were hoping to receive government subsidies. B) The exit costs were too high. C) Continuing to operate resulted in smaller losses than would have been incurred by shutting down. D) Cattle is an important source of protein and its production is essential for the United States.
In the above figure, the opportunity cost of moving from point D to point C is
A) 20 guitars. B) 50 ukuleles. C) 55 guitars. D) 25 ukuleles.
A pollution tax allows a firm to externalize some of its internal costs.
Answer the following statement true (T) or false (F)
Which of the following statements is FALSE?
A. The major difference between accounting and economic profit is that accounting profit does not reflect the opportunity cost of using resources. B. A correct measure of a firm's economic cost includes both accounting and opportunity cost. C. The accounting profit earned by a firm will always be the same as its economic profit. D. The accounting profit of a firm is its total revenue minus total explicit costs.