Economists and accountants both include forgone income as a cost to a small business owner
a. True
b. False
Indicate whether the statement is true or false
False
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What adjustments must be made to total income to make it equal GDP?
What will be an ideal response?
In the long run in a monopolistically competitive industry,
a. economic profit will be positive b. the price will be driven to zero c. the firm will not operate where MR = MC d. economic profit will be zero e. the price will exceed average total cost
The Herfindahl-Hirschman Index is an approach to measuring market concentration by adding the ___________ of the market share of each firm in the industry.
a. average b. mean c. sum d. square
Which of the following is not a factor that can shift the short-run aggregate supply curve?
A) changes in the wage rate B) changes in the price of non-labor inputs such as oil C) changes in labor productivity D) a severe drought which extensively damages grain crops E) none of the above