________ are costs that do not require a monetary payment.
A. Implicit costs
B. Explicit costs
C. Accounting costs
D. All opportunity costs
Answer: A
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There is an indifference curve through every bundle because of the assumption of
A) transitivity. B) completeness. C) rationality. D) nonsatiation.
Consider two individuals — Marquis and Serena — each of whom would like to wear sweaters and eat tasty food. The gains from trade between Marquis and Serena are most obvious in which of the following cases?
a. Marquis is very good at knitting sweaters and at cooking tasty food, but Serena's skills in both of these activities are very poor. b. Marquis and Serena both are very good at cooking tasty food, but neither has the necessary skills to knit a sweater. c. Marquis's cooking and knitting skills are very poor, and Serena's cooking and knitting skills are also very poor. d. Marquis's skills are such that he can produce only sweaters, and Serena's skills are such that she can produce only tasty food.
Professor Tabarrok points out that it can take a long time to
A. combat the shocks that cause structural unemployment with positive shocks. B. identify the causes of the shocks that cause structural unemployment. C. adjust to shocks that cause structural unemployment. D. reverse the shocks that cause structural unemployment.
Before entering, fixed cost associated with the industry in question are sunk costs for
A) the incumbent firm. B) the outside firm. C) both firms. D) neither firm.