Which of the following is classified as a sunk cost?
a. Cost of the next best alternative
b. Additional cost of producing an additional unit
c. Research costs to determine the implementation of a technology
d. Total cost of producing a product
c
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How do a partnership and a corporation differ?
A) Corporations face more taxes than do partnerships. B) Corporations can issue stocks and bonds, while partnerships cannot. C) Partnerships have unlimited liability while corporations have limited liability. D) All of these are differences between the two types of businesses.
A perfectly horizontal demand curve has
A) zero elasticity. B) some positive finite elasticity. C) negative elasticity. D) perfect elasticity.
If the supply of pencils, a substitute for pens, increases, what will happen to the equilibrium price of pencils and to the equilibrium price of pens?
An increase in supply, other things being equal, will cause which of the following to occur?
A. quantity supplied to decrease. B. a leftward shift in the demand curves as the price increases. C. quantity demanded to increase. D. a rightward shift in the demand curve as the price falls.