Assume Brad worked as a contractor for a year and had revenues of $120,000 and explicit cost of $70,000 . If he could have been paid $80,000 working for a computer company, his accounting profit as a contractor was ____ and his economic profit was ____
a. $50,000 . -$30,000
b. $10,000 . $50,000
c. $40,000 . $50,000
d. $50,000 . $40,000
a
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The level of an economic activity should be increased to the point where the ____ is zero
a. marginal cost b. average cost c. net marginal cost d. net marginal benefit e. none of the above
Which of the following observations concerning health care service providers is true? a. Health care providers possess very little market power
b. Price discrimination and collusive behavior are likely to occur. c. Price discrimination is uncommon in the pharmaceutical industry. d. "Natural health care monopolies" are a rarity.
According to the World View chart in the text, from highest to lowest real GDP per capita, which is correct?
A. United States, Japan, France, Canada, China. B. United States, Canada, Germany, Japan, South Korea. C. United States, China, India, Jordan, Germany, Japan, Russia. D. United States, China, Japan, Germany, Russia.
Refer to Figure 18.4. With an import ban, what is the equilibrium price of gloves in Duckland?
A. $0 B. $8 C. $9 D. $12