In reality, the profit-maximization rule to set marginal revenue equal to marginal cost, is a(n) ________ rather than a(n) ________.
A) operational rule; target
B) obtainable goal; operational rule
C) operational rule; goal
D) target; operational rule
D) target; operational rule
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Laura's Pizza Place incurs $800,000 per year in explicit costs and $100,000 in implicit costs. The restaurant earns $1.3 million in revenues. Based on this information, what is the accounting profit for Laura's Pizza Place?
A) $200,000 B) $400,000 C) $500,000 D) $900,000
The Constitution created an environment conducive to economic growth and development because the federal government could constitutionally do all of the following except
(a) Levy uniform taxes (b) Coin money and regulate its value (c) Regulate commerce, thus prohibiting states from erecting barriers to the interstate movement of goods (d) Set "fair" prices on the private sale of goods in the marketplace
John has just tried on the most comfortable pair of pants that he has ever known. The pants are a(n)
A) experience good. B) credence good. C) logo good. D) information good.
What is the effect when there is an increase in the European inflation rate relative to the U.S. interest rate?
a. Europeans buy fewer dollars, shifting S1 to S2.
b. U.S. consumers buy more European goods, shifting D1 to D2.
c. Europeans supply euros to buy more dollars, shifting S1 to S2.
d. U.S. consumers demand more euros, shifting S1 to S2.