All of the following are examples of human capital except:
A. physical strength.
B. an eye for decorating and color.
C. a PhD in chemistry.
D. an automotive manual.
D. an automotive manual.
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The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
The entry of new firms into a competitive market will
a. increase market supply and increase market price. b. increase market supply and decrease market price. c. decrease market supply and increase market price. d. decrease market supply and decrease market price.
Suppose you own a small business. Last month, your total revenue was $6,000. In addition, you paid: $1,000 in monthly rent for office space,$200 in monthly rent for equipment,$3,000 to your workers in wages for the month, and$1,000 for the supplies you used that month. If you correctly determine that your economic profit last month was negative $200, then it must be true that:
A. your implicit costs are $200 per month. B. you do not have any implicit costs. C. the rent you pay on your equipment is an implicit cost. D. your implicit costs are $1,000 per month.
To maximize profit, a ________ firm will produce where marginal revenue equals marginal cost.
A. perfectly competitive B. monopolistic C. monopolistically competitive D. All of the above are correct.