Which of the following is an example of an implicit cost for a firm?
A. the value of time worked by the owner.
B. any wages and salaries paid to employed.
C. forgone rent on property owned by firm.
D. both a and c
E. all of the above
Answer: D
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A British inventor sells a patent to a U.S. corporation for $25,000. If the financial account remains unchanged, the result is ________.
A. always desirable B. undesirable if the economy is below full employment C. always undesirable D. undesirable if the economy is above full employment
In monopolistic competition, the entry of new firms
A) shifts existing firms' demand curves rightward. B) shifts existing firms' demand curves leftward. C) only results in a movement along the existing firms' demand curves. D) has no effect on the existing firms' demand curves. E) shifts existing firms' supply curves rightward.
Suppose that smart phone producers meet secretly and agree to issue the smart phones of their most successful models sequentially and at the same price that maximizes their profits. After hearing about the secret meeting the U.S
Justice Department is most likely to file charges under the A) Sherman Act. B) Wheeler-Lea Act. C) Robinson-Patman Act. D) FTC Act.
As a portion of GDP, government purchases include:
A.) Food stamps. B.) National defense expenditures. C.) Unemployment benefits. D.) Welfare checks.