The total costs of federal regulation
A. encompasses only opportunity costs of satisfying regulatory demands.
B. encompasses both explicit and opportunity costs of satisfying regulatory demands..
C. also includes the explicit costs associated with regulations issued by 50 different state governments.
D. encompasses only explicit costs of satisfying regulatory demands.
Answer: B
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If AVC=$5 and AFC=15, then AC=
a. $15 b. $5 c. $20 d. $10
The accompanying table below shows the relationship between the number of times you get your car washed each month and your total monthly benefit from car washes. Each car wash costs $15. Number of Car Washes Per MonthTotal Monthly Benefit from Car Washes0$01$202$363$484$565$60 What is the marginal benefit of the 3rd car wash each month?
A. $4 B. $12 C. $48 D. $16
The market for bagels contains two firms: BagelWorld (BW) and Bagels'R'Us (BRU). The owners of the two firms decide to fix the price of bagels. The table below shows how each firm's profit (in dollars) depends on whether they abide by the agreement or cheat on the agreement. 
Suppose the game above is repeated every day, and both firms adopt the following strategy: cooperate on the first day, then if the other firm cheats, cheat the next day, and if the other firm abides, abide the next day. This type of strategy is known as: ________.
A. the cartel solution B. a prisoner's dilemma C. a tit-for-tat strategy D. the golden rule
If TR > TVC but TR < TC, a firm would ________ in the short run and ________ in the long run.
A. operate; expand B. shut down; expand C. shut down; exit the industry D. operate; exit the industry