Which of the following statements is false?
A) An implicit cost is a nonmonetary opportunity cost.
B) Economists consider all costs to be implicit costs.
C) Economic costs include both accounting costs and implicit costs.
D) An explicit cost is a cost that involves spending money.
B
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The formula used for calculating the total profit of a monopolistic competitor is ________
A) (Price - Average Total Cost) × Quantity B) Price - Marginal Cost C) (Price- Average Total Cost) / Quantity D) (Price -Average variable cost)
Unemployment is not distributed evenly across the U.S. population.
Select whether the statement is true or false. A. True B. False
When the benefit of another hour of work is greater than the opportunity cost, we would expect the worker to work:
A. another hour. B. exactly that amount. C. an hour less. D. Cannot be determined without more information.
The estimated demand for a good is
= 4800 - 16P - 0.65M - 1.5PRwhere Q is the quantity demanded of the good, P is the price of the good, M is income, and PR is the price of related good R. This good and good R are
A. complements since the coefficient on PR is negative. B. substitutes since the coefficient on M is negative. C. complements since the coefficient on M is negative. D. substitutes since the coefficient on PR is negative. E. none of the above