When economic profits are zero, accounting profits
A) must be positive.
B) will be negative.
C) will equal zero.
D) could be positive, negative or zero.
A
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Assume toys are produced using only labor and wood. Which of the following best describes the cost of producing toys?
a. The number of dollars that the laborer spends to purchase the wood. b. The amounts of labor and wood used in the production process. c. The alternative uses that could be found for the labor and wood. d. The monetary value of the labor and wood used.
Answer the following statement(s) true (T) or false (F)
1. Market demand for a private good is found by vertically summing individual demands. 2. The supply curve is positively sloped because marginal cost (MC) rises with output (Q). 3. If QS = –10 + ½ P, the slope of supply, when conventionally graphed, is +½ . 4. Equilibrium price is the price level at which QD equals QS. 5. If the price level is such that quantity supplied exceeds quantity demanded, there is excess demand, or a shortage in the market.
When the market estimate of a company's riskiness decreases the market adjusts by
a. having the supply of that bond increase. b. having the supply of that bond decrease. c. having the demand for that bond increase. d. having the demand for that bond decrease.
Testicular cancer is most common in what age?
A. Elementary boys B. High school boys C. Young adult men D. Men over 65 years-old