Monetary costs and opportunity costs are always identical.
Answer the following statement true (T) or false (F)
False
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At the competitive market outcome in the above figure, the
A) producer surplus is equal to $480 million. B) total producer surplus from turkey sales is zero. C) sum of consumer and producer surpluses from turkey is $640 million. D) All of the above answers are correct.
To maximize expected profit, a perfectly competitive firm with a random marginal cost and random demand should produce at the level that sets ________ equal to ________.
A) price; expected marginal cost B) price; marginal cost C) expected price; marginal cost D) expected price; expected marginal cost
Which of the following categories of business cycle theories includes the theory of “real business cycles”?
a. physical b. monetary c. psychological d. spending and saving
Which of the following is not a source of economies of scale?
A. Use of larger machines B. Labor specialization C. Inelastic resource supply curves D. Learning-by-doing