In the short run, a firm considers its fixed cost as a(n):
A. sunk cost.
B. variable cost.
C. implicit cost.
D. marginal cost.
Answer: A
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Molly just graduated from high school. The figure shows her possibilities frontier. If Molly goes to college, she will move from point M to point K. In terms of consumption goods, Molly's opportunity cost of going to college is
A) MK. B) OL. C) KL. D) LM.
What is a pollution haven?
What will be an ideal response?
An exchange will take place between two parties as long as:
a. the seller benefits from it. b. the buyer benefits from it. c. any one of the parties benefit from it. d. both the parties benefit from it.
Which of the following is true of a country having an absolute advantage in the production of a good? a. It is able to produce a good at a higher cost than other countries. b. It is able to produce a labor-intensive good only
c. It is able to produce a capital-intensive good only. d. It is able to produce a good at a lower cost than other countries.