The accountant's cost of producing a bicycle refers to
a. the out-of-pocket payments made to produce the bicycle.
b. the value of the goods that were given up to produce the bicycle.
c. the bicycle's retail price.
d. the marginal cost of the last bicycle produced.
a
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The increased labor force participation rates for women since the 1970s led most directly to ________
A) an increase in labor demand B) a decrease in labor demand C) a decrease in labor supply D) an increase in labor supply
The president of the United States promises that the nation's economy will simultaneously produce more defense goods without any decreases in the production of other goods. Under which of the following conditions could such a promise be valid?
A) if the United States were producing at a point on its production possibilities curve B) if the United States were producing inside its production possibilities curve C) if the United States were producing to the right of its production possibilities curve D) None of the above; the production possibilities curve must shift to the right.
Eli Whitney III receives a patent for the rayon gin, a product for which there are no close substitutes. Eli will maximize his profit when
a. MR is maximized b. MR = MC c. MR > MC d. MR < MC e. P = MR > MC
Bank deposits denominated in Mexican pesos are an example of foreign exchange
a. True b. False