For a firm that wants to remain in business, which of the following costs could be avoided if it halted current production?
a. fixed costs
b. variable costs
c. sunk costs
d. implicit costs
B
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Cyclical unemployment ________ during expansions and ________ during recessions
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
The largest source of income for most people is:
A. income from interest in savings accounts. B. wages earned at work. C. rental income from properties that they own. D. investment income.
Rational ignorance suggests that
a) it is easier to aim at the median voter because it is a less costly strategy for the politicians b) low voter turnout is due to a lack of understanding of the importance of political platforms c) all voters will pursue information about each issue before voting d) all voters will be ignorant on issues that are not of special interest to them
In monopolistically competitive markets, resources are:
A. overallocated because long-run equilibrium occurs where price exceeds marginal cost. B. underallocated because long-run equilibrium occurs where price exceeds marginal cost. C. overallocated because long-run equilibrium occurs where marginal cost exceeds price. D. underallocated because long-run equilibrium occurs where marginal cost exceeds price.