The larger the implicit costs of a business:
A. the greater accounting profit will be.
B. the more likely it will be a successful venture.
C. the smaller economic profit will be.
D. the smaller the explicit costs will be.
Answer: C
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Tiebout local public good provision is more easily implemented than a Lindahl equilibrium -- because people know each other's tastes locally and can more easily come up with the right way to divide the cost for public goods.
Answer the following statement true (T) or false (F)
If Dr. Giltscalpel's gross revenue doubled when he doubled his surgical fees, the demand for his services within the relevant price range would be
A) indeterminate. B) perfectly elastic. C) perfectly inelastic. D) unit elastic. E) none of the above.
Suppose Y = 100, P = 80, and V = 3.2. If Y rises to 105, and the inflation rate is 10 percent, what is the new value of M?
What will be an ideal response?
The invisible hand refers to
A. Intervention in the economy by the government bureaucrats we do not see and over whom we have no control. B. The person who has the responsibility to coordinate all the markets in a market economy. C. Undiscovered natural resources. D. The allocation of resources by market forces.