A consumer's total transportation cost includes all of the following except which one?
A) the value of the consumer's time deciding which store to travel to
B) the wear and tear on the consumer's car
C) the cost of gasoline
D) the value of the consumer's time getting to and from the store
A) the value of the consumer's time deciding which store to travel to
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Explain the rules for finding maximum profit using total revenue and total cost and marginal revenue and marginal cost
What are the four factors of production?
What will be an ideal response?
The economy pictured in the figure has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; A B. recessionary; C C. recessionary; B D. expansionary; A
Suppose that marginal revenue for a perfectly competitive firm is $20 . When the firm produces 10 units, its marginal cost is $20, its average total cost is $22, and its average variable cost is $17
Then to maximize its profit in the short run, the firm A) should stay open and incur an economic loss of $20. B) must increase its output to increase its profit. C) must decrease its output to increase its profit. D) should shut down. E) should not change its production because it is already maximizing its profit and is making an economic profit.