Dead Cap
What will be an ideal response?
Money subtracted from the cap of a player no longer on the team
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Economies of scale are indicated by
A) declining long-run AVC. B) declining long-run AFC. C) declining long-run AC. D) declining long-run TC.
Which of the following is likely to be excluded while calculating the opportunity cost of attending university?
a. The cost of haircuts received during the school term b. The income from a part-time job that is forgone in order to attend classes c. Tuition fees paid during the school term d. The cost of required textbooks
The marginal seller is the seller who
a. cannot compete with the other sellers in the market. b. would leave the market first if the price were any lower. c. can produce at the lowest cost. d. has the largest producer surplus.
For voluntary action to correct an externality
A) transaction costs have to be high. B) transaction costs have to be low. C) transaction costs have to be split evenly between all of the parties involved. D) transaction costs are irrelevant.