A firm that is the sole producer of a good or service with no close substitutes is called a:
A. perfectly competitive firm.
B. monopolist.
C. oligopolist.
D. monopolistically competitive firm.
B. monopolist.
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Which of the following would be an implicit cost for a firm?
A. The cost paid for leasing a building for the firm B. The cost paid for production supplies for the firm C. The cost of wages foregone by the owner of the firm D. The cost of worker wages and salaries for the firm
The value of unpaid work by a homemaker ________ included in GDP and the value of housekeeping services sold in a market ________ included in GDP.
A. is not; is B. is; is C. is not; is not D. is; is not
Using the income approach, net interest is included because
A. households both receive and pay interest. B. households pay but do not receive interest and firms receive but do not pay interest. C. firms pay but do not receive interest and households receive but do not pay interest. D. it is income to the government but not to households nor firms.
A farmer can grow soy or sorghum. If the price of soy increases, the opportunity cost of growing sorghum ______, shifting the supply curve of sorghum ______.
Fill in the blank(s) with the appropriate word(s).