The market for apples is an example of ________
A) perfect competition
B) monopolistic competition
C) monopoly
D) oligopoly
A
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The United States is academically unique in having so many
a. trade schools. b. colleges of arts and sciences. c. business schools. d. fine arts schools.
Your text considers both the low savings and high savings nations and concludes what about the relationship between government budgets and the current account?
What will be an ideal response?
The opportunity cost of an action includes: a. the monetary expenses incurred as a result of the action
b. the highest valued alternative use of the time spent on the action. c. the benefits received as a result of the action. d. only a. and b.
Imagine Tom's annual salary as an assistant store manager is $30,000, he owns a building that rents for $10,000 yearly, and his financial assets generate $1,000 per year in interest. One day, after deciding to be his own boss, he quits his job, evicts his tenants, and uses his financial assets to establish a bicycle repair shop. To run the business, he outlays $15,000 in cash to cover all the costs involved with running the business, and earns revenues of $50,000. Which of the following statements is true?
A. Tom experiences an economic loss of $6000. B. Tom has an opportunity cost of $41,000. C. Tom earns an accounting profit of $35,000. D. All of these are true.