What is the term used to describe total revenues minus total explicit costs?
a. marginal benefits
b. economic profits
c. accounting profits
d. marginal costs
c. accounting profits
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All else equal, an increase in the price of complementary products for the Apple Watch, such as Sensoria's wearable technology, would
A) shift the demand curve for the Apple Watch to the left. B) shift the supply curve for the Apple Watch to the left. C) shift the demand curve for the Apple Watch to the right. D) shift the supply curve for the Apple Watch to the right.
The opportunity cost to you of an action is
A. how much you must pay for the opportunity to take the action. B. the value to you of the next best action you could have taken. C. the cost to society of giving you the opportunity to take the action. D. the dollar cost to you of the action.
Which of the following factors is not a major cause of long-term economic growth?
a. Government-defined property rights for individuals b. A stable, fair, and predictable political environment c. Expansionary fiscal policy (i.e., lower taxes and higher government spending) d. Competitive markets e. Free movement of goods, services, capital, and labor
A change in the supply of one factor of production
a. will not change either the marginal productivities or the prices of other factors. b. will not change the prices of other factors, but it may change their marginal productivities. c. will not change the marginal productivities of other factors, but it may change their prices. d. changes the marginal productivities and the prices of other factors.