________ is the sunk cost for a perfectly competitive firm in the short run, whether the firm produces or shuts down
a. Variable cost
b. Fixed cost
c. Marginal cost
d. Total cost
b
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In developing countries, there is more reliance on ________ as opposed to ________ for government revenue
A) tariffs; tax collection B) quotas; tariffs C) tax collection; tariffs D) tariffs; quotas
Suppose consumers decide they value a product more highly than before. Then the efficient quantity to produce of that product ________
A) increases B) does not change C) decreases D) perhaps changes, but without more information the direction of the change cannot be told
List the five approaches used to solve the problem of externalities
What will be an ideal response?
The Apple iPhone is sold in a box labeled "Made in China," but a study by economists at the Asian Development Bank found that the actual percentage of the price of the iPhone accounted for by the only work done in China, which is assembly, is
A) 4 percent. B) 12 percent. C) 25 percent. D) 65 percent.