The price paid by a tenant to rent an apartment most closely reflects the cost to the
A) landlord of constructing (or purchasing), maintaining, and operating the apartment.
B) landlord of not renting to someone else.
C) society of the opportunities thereby forgone.
D) tenant of finding an alternative place to live.
B
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During the past 40 years, U.S. exports as a percent of GDP and U.S. imports as a percent of GDP
A) both rose at the same pace. B) both fell at the same pace. C) both rose, but U.S. imports as a percent of GDP rose at a faster pace. D) both rose, but U.S. exports as a percent of GDP rose at a faster pace.
The point of maximum profit for a business firm is where:
a. P = AC. b. TR = TC. c. MR = AR. d. MR = MC. e. TR = MR.
Under what circumstances would you expect economic profits to be zero in a particular industry?
A. During a recession B. When there is little competition in the industry C. When the industry is neither expanding nor contracting D. When the demand for the product being produced is increasing
Suppose there are three power-generating plants, each of which has access to 5 different production processes. The table below summarizes the cost of each production process and the corresponding number of tons of smoke emitted each.ProcessABCDE(smoke/day)(4 tons/day)(3 tons/day)(2 tons/day)(1 tons/day)(0 tons/day)Cost to Firm X ($/day)$500$514$530$555$585Cost to Firm Y ($/day)$400$420$445$480$520Cost to Firm Z ($/day)$300$325$360$400$550 Suppose the government decides to impose a tax on each ton of smoke emitted. What would be the lowest tax, in whole dollars, that would reduce emissions to 6 tons per day?
A. $41 per ton B. $36 per ton C. $26 per ton D. $21 per ton