Private costs
A) are borne by the producers of a good or service while social costs are borne by government.
B) are borne by consumers of a good while social costs are borne by government.
C) are borne by producers of a good while social costs are borne by those who cannot afford to purchase the good.
D) are borne by producers of a good while social costs are borne by society at large.
D
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In the long run, a perfectly competitive firm will
A) be able to make an economic profit. B) produce but incur an economic loss. C) make zero economic profit. D) not produce and will incur an economic loss equal to its total fixed cost. E) not produce but not incur an economic loss.
Suppose Ernie gives up his job as financial advisor for P.E.T.S., at which he earned $30,000 per year, to open up a store selling spot remover to Dalmatians. He invested $10,000 in the store, which had been in savings earning 5 percent interest. This year's revenues in the new business were $50,000 . and explicit costs were $10,000 . Calculate Ernie's economic profit
a. $10,000 b. $50,000 c. $20,000 d. $40,000 e. $9,500
Recall the Application about the wireless phone service provided by thousands of entrepreneurial women in Pakistan to answer the following question(s).Recall the Application. What makes the wireless telephone market in the United States NOT perfectly competitive?
A. There are many buyers and many sellers in the United States. B. It is very expensive to enter the market in the United States. C. Wireless phone calls are a standardized product. D. All of these are correct.
Refer to the information provided in Figure 2.1 below for the economy of Macroland to answer the question(s) that follow.
Figure 2.1Refer to Figure 2.1. If Macroland's economy is at Point A, it could produce more capital goods
A. without sacrificing any consumer goods. B. only with additional resources. C. only by sacrificing some consumer goods. D. only with technological improvements.