The expression "Let bygones be bygones" is associated with what type of cost?
The expression is associated with sunk cost.
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The firm in the figure above is in monopolistic competition. The firm has
A) no excess capacity. B) excess capacity of 10 units. C) excess capacity of 20 units. D) excess capacity of 30 units.
In a monopolistically competitive market, a successful new restaurant
A) can earn economic profits in the long run if it uses barriers to restrict entry by new restaurants. B) must obtain a trademark to ensure that it will break even in the long run. C) will face high entry barriers because of health and safety regulations to which all restaurants are subject. D) will earn zero economic profit in the long run because of free entry, but competition will lead restaurants to offer different versions of the same product.
Suppose in 2001, nominal GDP in Russia was 1000 rubles. If 2000 is the base year and the GDP deflator for 2001 was 0.50 (highly unlikely as is the GDP of 1000 rubles!), Russia's real GDP in 2001 was
a. –1,000 rubles b. 10,000 rubles c. 500 rubles d. 1000 rubles e. 2000 rubles
One reason for selecting a section of microeconomics for which attendance is part of the grade (as opposed to one where it is not) is that it serves as a commitment device that will get you to attend class.
Answer the following statement true (T) or false (F)