The long boom ended in
A. 2008.
B. 1999.
C. 2001.
D. 2012.
Answer: C
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The Cakery Bakery sells 200 muffins at a price of $2 per muffin. Its explicit costs for producing 200 muffins are $350. If the bakery is earning a normal rate of return, then its implicit costs must be
A. $0. B. $50. C. $350. D. $400.
Cite an advantage and a disadvantage for command-and-control vs. incentive-based approaches. Then do the same for environmental taxes vs. emissions trading
Opportunity cost is defined as the
A) total value of all the alternatives given up B) highest-valued alternative given up C) cost of not doing all of the things you would like to do. D) lowest-valued alternative given up
Industries with high barriers to entry
a. Pushes profits to normal returns b. Increases the likelihood of firms entering the industry c. Help firms sustain long term profits d. Increases the number of competitors