Refer to Figure 2-1. ________ is (are) technically efficient
A) Point A B) Point B C) Point C D) Points B and C
B
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On a bar graph comparing a firm's economic profit with its accounting profit, it will always be TRUE that
A) explicit costs will be greater in the column representing accounting profit. B) explicit costs will be greater in the column representing economic profit. C) total revenue will be greater in the column depicting accounting profit. D) opportunity costs will be missing from the column depicting accounting profit.
Which of the following is likely to result in a smaller equilibrium quantity exchanged? a. An increase in both demand and supply
b. A decrease in both demand and supply. c. An increase in demand and a decrease in supply. d. A decrease in demand and an increase in supply.
The opportunity cost of any activity can be measured by the
a. value of the best alternative to that activity b. price (or monetary costs) of the activity c. level of technology d. time needed to select among various alternatives e. fringe benefits associated with the activity
A Texas oil company extracts petroleum and sells it to a refinery for $1,000 . After processing, the refinery sells the gasoline to a wholesaler for $1,500, who then sells it to a gas station for $1,700 . The gas station sells it to customers for $2,500 . In these transactions, how much has been added to GDP?
a. $1,000 b. $1,500 c. $1,700 d. $2,500 e. $6,700