Non-Exclusive Tag
What will be an ideal response?
Label placed on an NFL player that allows for negotiations with other teams
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Economic costs of an input include
A) only implicit costs. B) only explicit costs. C) both implicit and explicit costs. D) whatever management wishes to report to the shareholders.
If production is characterized by variable technology, the optimal level of air quality occurs where
a. the marginal private cost of air quality equals the marginal social benefit b. the marginal social cost of air quality equals the marginal social benefit c. the marginal social cost of air quality equals the marginal private cost of air quality d. government regulators set it e. all costs are absorbed by the polluter
Which of the following is not equal to total surplus?
a. consumer surplus - producer surplus b. buyers' willingness to pay - sellers' costs c. value to buyers - amount paid by buyers + amount received by sellers - cost to sellers d. value to buyers - cost to sellers
Because marginal cost is always ________ in the short run, total variable cost always ________ when output increases.
A) positive; increases B) positive; decreases C) negative; increases D) negative; decreases