Cash payments to a steel mill for steel used in production would be an example of:
a. sunk costs.
b. fixed costs.
c. explicit costs.
d. implicit costs.
e. entrepreneurial costs.
c
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If the Fed buys Treasury bills, this will shift the
A) money demand curve to the right. B) money supply curve to the left. C) money demand curve to the left. D) money supply curve to the right.
Firm X owns both a grocery store and the parking lot outside the grocery store. In order to increase the traffic at the store the owners of the store should
a. Increase the prices on the goods sold in the store b. Increase the parking rates c. All of the above d. None of the above
Sizable economic profits can persist over time under monopoly if the monopolist
a. produces that output where average total cost is at a maximum. b. is protected by barriers to entry. c. operates as a price taker rather than a price maker. d. earns revenues that exceed variable costs.
_______________is a type of cost-benefit decision making that compares the extra benefits to the extra cost of an action.
Fill in the blank(s) with the appropriate word(s).