Sunk costs are:
A. costs that have been incurred and cannot be recovered.
B. costs that are upfront on a project and can be pulled out if the business goes under.
C. the cost of recovering lost expenditures.
D. explicit costs that will incur large implicit costs to recoup or recover.
Answer: A
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If the MB of polluting increased, then what would happen to the optimal level of pollution?
A. Unsure B. Stay the same C. Increase D. Decrease
Bob traps lobsters in Maine and sells them to a restaurant in Mexico. Other things the same, these sales
a. increase U.S. net exports and have no effect on Mexican net exports. b. increase U.S. net exports and decrease Mexican net exports. c. decrease U.S. net exports and have no effect on Mexican net exports. d. decrease U.S. net exports and increase Mexican net exports.
What does market power refer to?
a) the side effects that may occur in a market b) the government regulations imposed on the sellers in a market c) the ability to influence price d) the forces of supply and demand in determining equilibrium price
Explain the reasoning behind the shape of the short-run aggregate supply curve in the short run.
What will be an ideal response?