A nonmonetary opportunity cost is called a(n) ________, while a cost that involves spending money is called a(n) ________
A) implicit cost; explicit cost B) normal rate of return; asset
C) accounting profit; economic profit D) accounting cost; explicit cost
A
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A single-price monopolist will produce at the point where
A) MR = 0. B) MR = P. C) MR = MC. D) P = MC.
Refer to Figure 2-11. Which country has a comparative advantage in the production of cotton?
A) Pakistan B) Indonesia C) They have equal productive abilities. D) neither country
Vertical foreclosure is an example of a firm:
A. engaging in penetration pricing. B. that merges with a rival firm with the intention of eliminating the rival firm's product from the market. C. that controls an essential upstream input and raises rivals' costs by refusing to sell to other downstream firms that need the input. D. engaging in a price-cost squeeze.
Recent research on CEO behavior tells us that CEOs generally
A. increase their firm's R&D expenditure so as to boost earnings long before they retire. B. reduce their firm's R&D expenditure so as to boost earnings just before they retire. C. increase their firm's R&D expenditure so as to boost earnings just before they retire. D. reduce their firm's R&D expenditure so as to boost earnings long before they retire.