A firm's opportunity cost of using resources provided by the firm's owners is called:
A. sunk costs.
B. fixed costs.
C. explicit costs.
D. implicit costs.
Answer: D
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Refer to the figure above. What is the loss in the market-wide consumer surplus when the price of wine changes from $9 to $18?
A) $144,000 B) $30,000 C) $57,000 D) $0
When the IS and LM curves are combined in the same diagram, the intersection of the two curves determines the equilibrium level of ________ as well as the ________
A) aggregate output; price level B) aggregate output; interest rate C) money supply; price level D) consumer expenditures; interest rate
Which of the following statements about the percent of the population aged 25 years and above completing high school in 2000 is most accurate?
a. African Americans graduate at a rate about 10 percentage points less than whites, and Hispanics graduate at a rate about 30 percentage points less than whites. b. African Americans and Hispanics graduate at the same rate that whites do. c. Hispanics graduate at the same rate as whites, but African Americans graduate at much lower rates. d. Hispanic and black males graduate at the same rate as white males, but Hispanic and black females graduate at much lower rates than white females.
Figure 11-9
In Figure 11-9, how much more than the long-run competitive price will the profit-maximizing monopolist charge?
a.
$1
b.
$2
c.
$3
d.
$11