Economists refer to historical costs (irreversible costs already incurred) as
a. implicit costs.
b. sunk costs.
c. opportunity costs.
d. variable costs.
B
You might also like to view...
Refer to Figure 15-4. What is the amount of the monopoly's total revenue?
A) $21,600 B) $20,400 C) $19,740 D) $7,800
The movement of households from rural to urban settings reduced the degree of specialization in household production
a. True b. False
The Federal Open Market Committee (FOMC) is made up of the presidents of the Federal Reserve Banks, the secretary of the Treasury, and the chair of the President's Council of Economic Advisers.
Answer the following statement true (T) or false (F)
A statement of coercion by one firm is:
A. An empty threat if it is believed by the other firm B. A credible threat if it is not believed by the other firm C. Always a credible threat whether or not it is believed by the other firm D. A credible threat if it is believed by the other firm