Economic profits are
A) total revenue minus explicit costs.
B) total revenue minus implicit costs.
C) total revenue minus explicit and implicit costs.
D) total revenue minus accounting costs.
C
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The use of bar codes, computerized price lists, and scanners in supermarkets is an example of
A) menu costs. B) implicit contracts. C) efficiency pricing. D) All of the above.
Breakfast anyone? Which of the following pairs best represents complementary goods?
a. bacon and saugage b. butter and margarine c. bacon and eggs d. toast and rolls e. coffee and tea
The federal funds rate isThe federal funds rate is
A. The required reserve ratio that the federal reserve requires banks to maintain B. The interest rate that banks charge for loans to its important commercial borrowers C. The interest rate that banks charge each other for overnight loans
In an increasing-cost industry, the long-run market supply curve is:
A. positively sloped. B. negatively sloped. C. vertical. D. horizontal.