Implicit costs are costs that:
A. require a firm to spend money.
B. represent forgone opportunities.
C. do not depend on the quantity of output produced.
D. depend on the quantity of output produced.
B. represent forgone opportunities.
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If it costs a firm $10 to produce a good and the same good sells for $7 abroad, then this firm is engaging in
A) profit maximization. B) price discrimination. C) price differentiation. D) dumping.
In the 1980s, some states in the United States had significantly more bank failures than other states. What industries did the former states depend on heavily?
a. Oil and agriculture b. Tourism c. Defense and aeronautics d. Construction and textiles e. The computer industry
If new government regulations designed to protect wetlands remove very productive farmland from production, then the production possibilities frontier will shift inward
a. True b. False Indicate whether the statement is true or false
If macaroni and cheese is an inferior good, then an increase in
a. the price will cause the demand curve for macaroni and cheese to shift to the left. b. the price will cause the demand curve for macaroni and cheese to shift to the right. c. a consumer's income will cause the demand curve for macaroni and cheese to shift to the left. d. a consumer's income will cause the demand curve for macaroni and cheese to shift to the right.