From the economic point of view, "joint costs" are problematic because
A) they can only be determined in markets for illicit drugs.
B) there is no way to correctly allocate joint costs.
C) they can be measured only by the most sophisticated accounting techniques.
D) there is no way to discuss the concept meaningfully.
B
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In the figure above, suppose that $20 is the market equilibrium price. What is the amount of the consumer surplus?
A) $3,375 B) $3,000 C) $375 D) 150 units E) $1,500
Firms may experience diseconomies of scale when
a. they are too small to take advantage of specialization. b. large management structures are bureaucratic and inefficient. c. there are too few employees, and managers do not have enough to do. d. average fixed costs begin to rise again.
If country A has a higher cost of producing good X than country B, then country:
B should impose a tariff on the exports of product X B has a comparative advantage in the production of product X A should impose a tariff on the imports of product X A has a comparative advantage in the production of product X
Which of the following explains the differences in earnings by race?
A. differences in productivity B. racial discrimination C. differences in education and work experience D. All of these