A firm's opportunity costs of production are equal to its
a. explicit costs only.
b. implicit costs only.
c. explicit costs + implicit costs.
d. explicit costs + implicit costs + total revenue.
c
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What is the law of one price?
What will be an ideal response?
The central problem of economics is the
A) Distribution of goods and services to those in need. B) Human wants exceeding the availability of resources. C) Inefficiency of government operations. D) Labor unemployment.
What is the change in output from adding one more worker called?
(A) Negative marginal returns (B) Diminishing marginal returns (C) Increasing marginal returns (D) Marginal product of labor
Suppose a few powerful firms control all production in an industry and face identical demand and cost schedules. If they successfully collude and maximize joint profits, then price, output, and profit levels in the industry will be the same as those in:
A. monopolistic competition. B. an oligopoly with a kinked-demand curve. C. regulated monopoly. D. pure monopoly.