If a firm buys a delivery van for $18,000 and can resell it in 2 years for $7,500, the opportunity cost of using the van is
A) $10,500.
B) $7,500.
C) $18,000.
D) $3,750.
B
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A large number of sellers all selling an identical product implies which of the following?
A) market chaos B) the inability of any seller to change the price of the product C) large losses incurred by all sellers D) horizontal market supply curves E) vertical market supply curves
In the long run in a monopolistic competitive industry,
a. economic profits will be positive. b. price will be driven to zero. c. the firm will not operate where MR = MC. d. economic profit will be zero. e. price will exceed average cost.
Which of the following BEST describes the special drawing right?
A) an international reserve asset created to supplement members' existing reserve assets B) the official currency for international trade established by the World Bank C) a substitute for the fixed value of gold as determined by currency rates D) a contribution made by countries to join the IMF
The fact that 10 additional nations joined the European Union in May 2004 is an example of deepening
Indicate whether the statement is true or false