A competitive firm's total revenue minus its total opportunity cost equals its ________
A) marginal revenue
B) economic profit
C) opportunity cost
D) normal profit
B
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At the time policymakers debated the Trans-Pacific Partnership, the United States imposed ________ on the value of imported shoes and shoe parts
A) tariffs of 1.5 to 12.5 percent B) tariffs of 95 percent C) no tariffs D) tariffs of 25 to 67.5 percent
Refer to Table 4-2. The table above lists the highest prices five consumers are willing to pay for a concert ticket. If the price of one ticket rises from $20 to $38
A) only three tickets will be sold. B) no one will buy a ticket. C) consumer surplus decreases from $62 to $12. D) consumer surplus increases from $88 to $142.
The more firms there are in a market, the:
A. larger will be the price effect of one firm's output decision. B. smaller will be the price effect of one firm's output decision. C. more collusion is likely to happen. D. None of these statements is true.
A banker motivated by profit maximization may make decisions that destabilize the banking system
a. True b. False Indicate whether the statement is true or false