Which of the following is an explicit cost?
a. The wages a firm pays to its workers
b. The opportunity cost of an owner/entrepreneur's time invested in the firm
c. The opportunity cost of the money the business owner/entrepreneur has invested in the firm
d. The price of the business owner's/entrepreneur's land used for constructing a factory and a warehouse.
a
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In maximizing economic profit, the monopolist will
A) choose the highest price that still permits some output sales. B) equate marginal cost to minimum average total cost. C) equate price to marginal cost. D) equate marginal revenue to marginal cost.
If a monopolistically competitive firm is in long-run equilibrium and average cost equals $150, then the market price must be $150
a. True b. False
How do Marxists view income inequality?
There are five schools of economic thought that approach the analysis of employment and inflation quite differently. They are
a. classical, Keynesian, neo-Keynesian, rational expectations, and neo-classicists b. classical, Keynesian, neo-Keynesian, rational expectations, and supply-side c. classical, Keynesian, classical-Keynesians, rational expectations, and supply-side d. classical, Keynesian, neo-Keynesian, adaptive expectations, and supply-side e. neo-classical, Keynesian, neo-Keynesian, rational expectations, and supply-side