Which of the following would be considered an implicit cost of operating a business?
A) interest payments on a loan
B) Social Security contributions for employees
C) the resale value of delivery vans the company owns and uses for its deliveries
D) shipping expenses
C
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Figure 8.4 depicts demand and costs for a monopolistically competitive firm. In the long run we expect:
A. more firms to enter the market. B. the firm's demand curve to shift to the left. C. the firm's average cost of production to increase. D. All of these
Suppose a quota on foreign-made automobiles is proposed in Congress. Which of the following groups is most likely to oppose the bill?
a. American Automobiles Manufacturers. b. Consumers. c. American Steel Workers. d. United Auto Workers.
Monopolistic competition is a market structure characterized by many small firms selling a homogeneous product.
Answer the following statement true (T) or false (F)
If nominal interest rates increase:
A. the expected inflation rate must have gone up. B. either the expected inflation rate went down, the real interest rate went down, or both. C. either the expected inflation rate went up, the real interest rate went up, or both. D. the real interest rate must have gone up.