The prices typically studied in microeconomics are
a. relative prices.
b. absolute prices.
c. money prices.
d. retail prices.
a. relative prices.
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Refer to Figure 12-9. At price P3, the firm would
A) lose an amount less than fixed cost. B) lose an amount more than fixed cost. C) break even. D) lose an amount equal to its fixed cost.
For each level of government (federal, state and local) list the most important source of tax revenue
What will be an ideal response?
The seasonally adjusted unemployment rate
A) reports only seasonal unemployment. B) removes the seasonal variation from the unemployment rate. C) is impossible to compute since no one knows what the seasonal component equals. D) is another name for structural unemployment.
The implicit cost incurred by a firm to use its resources to produce its output is the firm's
A. fixed cost. B. accounting cost. C. explicit cost. D. opportunity cost.