Aimee sells hand-embroidered dog apparel over the Internet. Her annual revenue is $128,000 per year, the explicit costs of her business are $42,000, and the opportunity costs of her business are $30,000
What are the implicit costs of her business?
A) $12,000 B) $30,000 C) $72,000 D) $86,000
B
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Refer to the above figure. If the aggregate demand curve shifts beyond AD5, then the economy will experience
A) stagflation. B) demand-pull inflation. C) structural inflation. D) cost-push inflation.
The above figures show the market for HD televisions. If the technology used to produce these televisions advances so that productivity increases, which figure shows the effect of this change?
A) Figure A B) Figure B C) Figure C D) Figure D E) None of the figures represent this change.
A supply curve slopes upwards because
a. the higher the price the lower the quantity that the sellers are willing to supply b. the higher the price the higher the quantity that the sellers are willing to supply c. the quantity supplied in insensitive to price d. an increase in price brings the quantity sold down to zero
Input demand is called derived demand because:
a. demand for an input is derived from the demand for the product or service it produces. b. demand for the output produced is also derived from consumer demand. c. demand for an input is derived from its availability in the input market. d. input demand actually determines how much output is produced.