The firm's maximum profit will be
A. $900.
B. $1,800.
C. $3,360.
D. $5,400.
A. $900.
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If a firm has no ______ costs, then the profit from shutting down is zero.
A. fixed B. variable C. opportunity D. sunk
If a good is inferior, then an increase in income will cause the demand curve to
A. shift left. B. stay the same. C. shift right. D. rotate inward.
People are especially prone to undervaluing opportunity costs when
A. they are monetary. B. they are nonmonetary, such as time. C. All of these are true. D. they involve obvious costs, like lost wages.
The level of an economic activity should be increased to the point where
a. Marginal benefits equal to zero b. Marginal costs of the investment are less than marginal benefits of the investment c. Marginal benefits are greater than marginal costs d. Marginal costs are equal to marginal benefits