A nonmonetary opportunity cost is called a(n) ________, while a cost that involves spending money is called a(n) ________.
A) implicit cost; explicit cost
B) normal rate of return; asset
C) accounting profit; economic profit
D) accounting cost; explicit cost
Answer: A) implicit cost; explicit cost
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Suppose that the price of flour used to produce bagels increases. Hence the equilibrium price of a bagel ________, and the equilibrium quantity ________
A) rises; increases B) rises; decreases C) falls; increases D) falls; decreases E) does not change; does not change
Is there any case for legalizing drugs?
What will be an ideal response?
If the quantity demanded for labor is more than the quantity supplied, there will be unemployment
a. True b. False Indicate whether the statement is true or false
When a few rival groups spend money in competition for a license that grants them a monopoly for the provision of cable TV for an area, economists label this activity
a. perfect competition. b. oligopoly. c. monopolistic competition. d. rent seeking.