Which of the following statements is true?
A) Opportunity cost = explicit cost - implicit cost. B) Variable cost = wages + salaries + benefits.
C) Total cost = fixed cost + variable cost. D) Total cost = fixed cost + implicit cost.
C
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Did Mother Teresa create positive externalities when she helped the poor of Calcutta?
A) No, because the poor continued to exist and her efforts were largely unsuccessful. B) No, because she fully calculated all the benefits of her activities. C) Yes, because her activities have inspired and benefited countless others whom Mother Teresa could not have known about or taken into account. D) Yes, because her activities had nothing to do with the search for economic profit.
Economic surplus is maximized in a competitive market when
A) producers sell the quantity that consumers are willing to buy. B) demand is equal to supply. C) marginal benefit equals marginal cost. D) the deadweight loss equals the sum of consumer surplus and producer surplus.
A corporation uses __________ as its Federal Tax ID number.
a. the owner's social security number b. an EIN number c. business operating license number d. none of these
A profit-maximizing firm in a competitive market will earn zero accounting profits in the long run
a. True b. False Indicate whether the statement is true or false