Which type of price is an implicit price of an action whose value is measured in opportunity costs?
A. Shadow
B. Equilibrium
C. Guaranteed
D. Relative
Answer: A
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A physician who laid off her nurse and receptionist and performed their tasks herself would probably
A) decrease her accounting profit but increase her economic profit. B) decrease her profit from the economist's point of view even if she increased her accounting profit. C) increase both her accounting and economic profit if her practice was a busy one. D) wind up with lower labor costs unless the layoff greatly increased the demand for her professional services. E) work more efficiently in order to get everything done.
Briefly explain how growth in real GDP differs across economies including the United States, Japan, Africa, Central America, Hong Kong, Korea, and Singapore
What will be an ideal response?
Suppose the marginal product of labor (MPL) is greater than the real wage. If the real wage remains constant, then we should expect ________
A) an increase in employment and decrease in the MPL B) an increase in the supply of labor and decrease in the MPL C) an increase in leisure and no change in the MPL D) an increase in the supply of labor and no change in the MPL
The Telecommunications Act of 1996 brought financial well-being to telecommunications firms
Indicate whether the statement is true or false