Transaction costs
What will be an ideal response?
anything that makes a transaction more expensive
*Can be in terms of dollars or time or aggravation
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Refer to the table below. According to the table, Corey has the absolute advantage in: Pizzas MadePer HourPizzasDeliveredPer HourCorey126Pat1015
A. neither making nor delivering pizza. B. making and delivering pizza. C. delivering pizza. D. making pizza.
Entrepreneurs bring together the factors of production to produce goods and services
Indicate whether the statement is true or false
A firm facing a downward-sloping demand curve sells 50 units of output at $10 each. The firm's marginal revenue is
a. $500 b. more than $10 but less than $500 c. $10 d. less than $10 e. zero
The income of Lebron James above the minimum payment needed to acquire the type of service he performs is
a. pure profit. b. economic rent. c. marginal rent. d. competitive rent.