A marginal cost curve
A) is upward sloping.
B) shows that as more of a good is produced, opportunity costs of producing another unit increase.
C) is bowed inward so that its slope can become negative.
D) Both answers A and B are correct.
D
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The return that the entrepreneur can obtain in the best alternative business is called the
A) normal profit. B) economic profit. C) marginal profit. D) marginal revenue.
Everything else held constant, a credit-drive bubble is generally considered to have the potential to cause ________ damage to an economy compared to an irrational exuberance bubble
A) less B) about the same amount of C) more D) either more, less, or the same amount of
Which of the following decisions cannot be taken by a firm in a perfectly competitive market?
A. Market exit decision B. Market price of the product C. Quantity of output it can produce D. Entering a market
Many public utilities are permitted to operate as monopolies because they enjoy economies of large-scale production
a. True b. False Indicate whether the statement is true or false