Which of the following groups are most likely to oppose a balanced federal budget?
a. politicians
b. economists
c. economists and politicians
d. households and politicians
b. economists
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In the above figure, if the market produces the efficient amount of purses then producer surplus equals triangle
A) abc. B) bcd. C) adc. D) dce.
What are the functions for MC and AC if TC = 100q + 100q2? Are the returns to scale increasing, decreasing, or constant?
What will be an ideal response?
Suppose a firm has unavoidable fixed costs of $500,000 per year, and it decides to shut down. What is the firm's producer surplus?
A) PS is positive in this case, but we cannot determine the value based on the given information B) PS is negative in this case, but we cannot determine the value based on the given information C) PS = -$500,000 D) PS = 0
Owner-provided capital and owner-provided labor are examples of
A) explicit costs. B) implicit costs. C) normal rate of return. D) accounting costs.