A small business owner earns $50,000 in revenue annually. The explicit annual costs equal $30,000. The owner could work for someone else and earn $25,000 annually. The owner's business profit is ________ and the economic profit is ________
A) $20,000, $20,000
B) $20,000, -$5,000
C) $25,000, -$5,000
D) $25,000, $20,000
B
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Medicaid is available to all over 65, including those not poor
Indicate whether the statement is true or false
All of the following industry types have market power except
A. monopolistic competition. B. monopoly. C. perfect competition. D. oligopoly.
Refer to the information provided in Figure 26.6 below to answer the question(s) that follow.
Figure 26.6Refer to Figure 26.6. Suppose the equilibrium price level is 110. An increase in the supply of oil would probably
A. decrease both the equilibrium output and the price level. B. increase the equilibrium output and decrease the price level. C. decrease the equilibrium output and increase the price level. D. increase both the equilibrium output and the price level.
In the diagram, a shift from AS 3 to AS 2 might be caused by an increase in:
A. business taxes and government regulation.
B. the prices of imported resources.
C. the prices of domestic resources.
D. productivity.