If you are a sole proprietor of a firm, the value of the wage you could have earned elsewhere is
a. an explicit cost.
b. an accounting cost.
c. an implicit cost.
d. not a cost.
c. an implicit cost.
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Let L represent the number of workers hired by a firm, and let Q represent that firm's quantity of output. Assume two points on the firm's production function are (L = 5, Q = 125) and (L = 6, Q = 152). Then the marginal product of the 6th worker is
a. 25 units of output. b. 27 units of output. c. 37 units of output. d. 162 units of output.
The central bank in the United States is the ________.
A) Federal Reserve System B) U.S. Exchange Reserve C) Board of Governors D) U.S. Treasury
When demand for goods and services is high, firms are more likely to hire more workers.
Answer the following statement true (T) or false (F)
A boss can type 200 words per minute and sell 2000 units of the company's product in one day. His assistant can type 150 words per minute and sell 1000 units of the company's product in one day. Discuss who has absolute and comparative advantages in the "production" of typing and selling.
What will be an ideal response?