There are two types of costs associated with production: ____ costs that require monetary payments, and ____ costs that do not
a. implicit; accounting
b. accounting; explicit
c. implicit; explicit
d. explicit; implicit
d
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When leisure is an inferior good, the wage elasticity of labor supply is always positive.
Answer the following statement true (T) or false (F)
Refer to Figure 14-2. If the government delays Gigacom's entry and Xenophone moves first, what is the likely outcome in the market?
A) Xenophone offers internet service via cable line and earns a profit of $4 million while Gigacom offers DSL internet service and earns a profit of $4.5 million. B) Both offer internet service via cable line; Xenophone earns a profit of $6 million and Gigacom earns a profit of $9 million. C) Both offer DSL internet service; Xenophone earns a profit of $8 million and Gigacom earns a profit of $7 million. D) Xenophone offers DSL internet service and earns a profit of $5 million while Gigacom offer internet service via cable line and earns a profit of $6.5 million.
Typically the data lag is about
A) one month. B) about a month and a half. C) about three months. D) about six months.
Buyers who were originally willing to buy 800 units of a good at $4 per unit are now willing to buy 1200 units at $4 per unit. That change would be described as: a. an increase in demand
b. a decrease in demand. c. an increase in quantity demanded. d. a decrease in quantity demanded.