An implicit cost is
A) a nonmonetary opportunity cost.
B) a cost unique to sole proprietorships.
C) a cost that involves spending money.
D) a cost unique to corporations.
Answer: A
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Suppose that when the price of oranges is $3 per pound, the quantity demanded is 4.7 tons per day and the quantity supplied is 3.9 tons. In this case:
A. excess demand will lead the price of oranges to rise B. excess supply will lead the price of oranges to rise C. excess supply will lead the price of oranges to fall D. excess demand will lead the price of oranges to fall
The slope of the curve at point B
A) is less than the slope at point A. B) is equal to the slope at point A. C) is greater than the slope at point A. D) cannot be compared with the slope at point A. E) can be compared with the slope at point A, but more information is needed to determine if the slope is greater than, less than, or equal to the slope at point A.
Risk is typically measured:
a. by comparing the size of a firm to other firms operating in the market. b. by looking at the economic profit that a firm has earned in the past few years. c. by determining whether the bonds issued by a firm are of high or low value. d. by comparing how much the stock price fluctuates compared with an average firm. e. by comparing how much the price of the bond falls whenever the price of a firm's product rises.
According to the law of diminishing marginal utility, the fifth pair of gloves that Mary receives for Christmas makes her
a. as happy as she was while receiving the first pair b. less happy than she was while receiving the first pair c. more happy than she was while receiving the first pair d. consider that fifth pair as having zero marginal utility e. total utility decrease