A cost that involves spending money is
A) an explicit cost. B) an implicit cost.
C) an opportunity cost. D) an indirect cost.
A
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If the marginal cost curve is below the average variable cost curve, then
A) average variable cost is increasing. B) marginal cost must be decreasing. C) average variable cost could either be increasing or decreasing. D) average variable cost is decreasing.
Second-degree price discrimination allows firms to do all of the following except which one?
A) receive a higher price for the last units sold B) sell more units C) change some of the consumer surplus into profit D) receive a higher price of the first units sold
Private property rights imply that people can own things, and they can do what they want with what they own even if they infringe on the private property rights of others
a. True b. False Indicate whether the statement is true or false
The personal income tax varies as GDP changes
a. True b. False Indicate whether the statement is true or false