Costs that have already been incurred, and which cannot be recovered, are known as
A) short-run fixed costs.
B) implicit costs.
C) unavoidable costs.
D) sunk costs.
Answer: D
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The producer surplus is found by subtracting the ________ and then adding the difference for all units sold
A) marginal cost from price B) price from marginal cost C) marginal benefit from total benefit D) marginal cost from marginal benefit E) deadweight loss from the price
What are the problems associated with price regulation?
What will be an ideal response?
Which of the following combinations of real interest rates and inflation implies a nominal interest rate of 6 percent?
a. a real interest rate of 3 percent and an inflation rate of 2 percent. b. a real interest rate of 7 percent and an inflation rate of 1 percent. c. a real interest rate of 5 percent and an inflation rate of 1 percent. d. a real interest rate of 6 percent and an inflation rate of 1 percent.
Money eliminates the need for:
A. specialization of labor. B. financial Intermediaries. C. government regulation. D. a search for a double coincidence of wants.