What is an example of lower production costs brought about by the use of technology?
What will be an ideal response?
Ans: the use of email to replace slower surface mail
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How could return-chasing explain why many of Enron's employees lost most of their retirement savings when Enron went bankrupt?
What will be an ideal response?
What would be the opportunity cost of a child using a coupon for a free ice cream cone?
a. the dollar cost of the cone she selected b. the other types of ice cream she could have selected c. zero - because the good was not a durable good d. zero - because the good was free
The marginal cost curve of pollution abatement
A) slopes upward because of the law of diminishing product. B) slopes upward because firms will maximize profits. C) slopes downward because of the law of diminishing marginal utility. D) slopes downward because of the law of diminishing returns.
If a firm's economic profit is $0, then it must be true that
A. TR equals TFC. B. TR equals TC. C. TR equals TVC. D. TFC is zero.