Which of the following statements is true?
A) Opportunity cost = explicit cost - implicit cost.
B) Total cost = fixed cost + implicit cost.
C) Total cost = fixed cost + variable cost.
D) Variable cost = wages + salaries + benefits.
Answer: C
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"Price discrimination allows a monopolist to increase his or her economic profits by capturing part of the consumer surplus and turning it into economic profit
" Is the previous statement correct or incorrect? If the statement is correct, why is it important in understanding firms' behaviors? If it is incorrect, why is it incorrect?
The buying and selling of government securities by the Fed is known as:
a. open market operations. b. federal bond operations. c. treasury bond operations. d. open bonds operations. e. discount rate operations.
Suppose that in a closed economy GDP is equal to 11,000, taxes are equal to 1,000, consumption equals 7,500, and government purchases equal 2,000 . What is national saving?
a. -500 b. 500 c. 2,000 d. None of the above is correct.
When the government eliminates artificial barriers to entry:
A. more firms will enter the market. B. prices to consumers will likely increase. C. competition in the market will decrease. D. All of these will occur.