Costs that are borne solely by the individuals who incur them are called
A. social costs.
B. implicit costs.
C. private costs.
D. public costs.
Answer: C
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Members of the Federal Reserve Board of Governors are appointed to 14-year terms to provide a level of isolation from political influence.
a. true b. false
While waiting in line to buy two tacos at 75 cents each and a medium drink for 80 cents, Jordan notices that the restaurant has a value meal containing three tacos and a medium drink all for $2.50. For Jordan, the marginal cost of purchasing the third taco would be
A) 75 cents. B) zero. C) 80 cents. D) 20 cents.
An industry is in long-run competitive equilibrium. The price of a substitute good increases.
A. New firms will enter the market. B. Firms will begin earning economic profit. C. The product price will rise. D. a and b E. all of the above
A firm that is hiring labor in a purely competitive labor market and selling its product in a purely competitive product market will maximize its profit by hiring labor until:
A. marginal revenue product is zero. B. marginal revenue product exceeds marginal resource (labor) cost by the greatest amount. C. marginal resource cost is zero. D. marginal revenue product equals marginal resource (labor) cost.