________ are costs that require a monetary payment.
A. Implicit costs
B. Explicit costs
C. Accounting costs
D. Both Explicit costs and Accounting costs are correct.
Answer: D
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When Tom's income increases, his demand curve for Mountain Dew shifts rightward because the higher income increases his marginal utility of Mountain Dew
Indicate whether the statement is true or false
The larger the number of firms in an industry
A) the more intense the rivalry among firms. B) the larger the potential number of market segments. C) the easier it is to implicitly collude to fix prices. D) the greater the need for a price enforcement mechanism.
Refer to Scenario 12.3. What will be the price of this new drink in the long run if the industry is a Stackelberg duopoly?
A) $3 B) $9 C) $12 D) $13.50 E) none of the above
Other things equal, in an open economy, monetary policy to offset a contractionary gap will tend to
a. Lower the exchange value of the dollar and lower net exports. b. Lower the exchange value of the dollar and raise net exports. c. Raise the exchange value of the dollar and lower net exports. d. Raise the exchange value of the dollar and raise net exports.