If a professor gives up her job to open a shoe store, which of the following costs would an accountant tend to ignore?
A) The $1,500 per month lease for the shoe store.
B) The $150 per month electricity bill.
C) The $4,000 per month of income forgone by not being employed as a professor.
D) The $200 business license, which, of course, is a sunk cost.
C
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The beginning of antitrust law is found in the
A) 1914 Clayton Act. B) 1890 Sherman Act. C) 1947 Taft-Hartley Act. D) 1950 Cellar-Kefauver Act.
Log-linear demand function is also called a constant-elasticity demand function
Indicate whether the statement is true or false
An expectation of increased prices of a good in the future is likely to:
A. have no impact on current demand. B. increase current demand. C. decrease current demand. D. only affect seller's decisions.
Refer to the information provided in Figure 3.19 below to answer the question(s) that follow.
Figure 3.19Refer to Figure 3.19. The market is initially in equilibrium at Point B. If supply shifts from S2 to S1, the new equilibrium price will be ________ and the new equilibrium quantity will be ________.
A. $5.00; 4 B. $7.00; 7 C. $5.00; 10 D. $7.00; 6