The value of a business owner's time is an example of
a. an opportunity cost.
b. a fixed cost.
c. an explicit cost.
d. total revenue.
a
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“Satisficing” rather than “maximizing” primarily emerges under conditions where
A. information is costly. B. management lacks ambition. C. profit maximization is rejected on moral grounds. D. risk is minimal.
Which of the following is a characteristic of capitalism?
a. Equality of income. b. Government decision-making is preferred to decentralized decision-making. c. Market determination of prices and quantity. d. Government ownership of all capital.
Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
In a graph of choice sets, a price change affects the ratio but does not affect the budget line.
Answer the following statement true (T) or false (F)