To a seller, the cost of a good or service is ________, and the price is ________
A) what must be given up to produce the good or service; what is received for the good or service
B) what is received for the good or service; what must be given up to produce the good or service
C) the producer surplus the seller receives; the consumer surplus the buyer receives
D) the producer surplus the buyer receives; the consumer surplus the seller receives
E) None of the above answers is correct.
A
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Suppose you have $400 and the inflation rate is 4 percent. In order to earn a real return of $20 on your investment, the nominal interest rate must be
A) 1 percent. B) 5 percent. C) 9 percent. D) 12 percent.
The table above shows the total product schedule for Rick's Lawn Service, a yard care company. The total product schedule shows
A) increasing marginal returns when the 6th worker is hired. B) decreasing marginal returns when the 1st worker is hired. C) first increasing and then decreasing marginal returns. D) output first increases then increases. E) only decreasing marginal returns.
Which of the following is the accurate equation for velocity?
a. V = (M x Q)/ P b. V = P x Q x M c. V = (P x Q)/M d. V = P + Q รท M
If a good is produced up to the point where marginal social benefit equals marginal social cost, then:
A. social welfare is maximized. B. the good is overproduced and the market is inefficient. C. firms are earning zero profits. D. all externalities have been eliminated.