Consider a small hair styling salon. List some examples of explicit costs of this business
shampoo, conditioner, other products for giving perms and color treatments, scissors, hair dryers, curling irons, flat irons, mirrors, barber chairs, combs, brushes, electricity, hired help, various types of insurance
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People have little incentive to contribute to a project if they will be able to enjoy the benefits of the finished project for free
Indicate whether the statement is true or false
A scatter diagram plots the value of one economic variable against time
Indicate whether the statement is true or false
If a market is subject to a positive externality,
A) the demand curve reflecting social benefit will be to the right of the demand curve representing private benefit. B) there is only one demand curve. C) the demand curve reflecting social benefit will be to the left of the demand curve representing private benefit. D) private benefit will exceed social benefit.
What will happen in the long run if businesses in perfect competition are experiencing losses?
A. Some sellers will go out of business, causing supply to decrease and prices to fall. B. Some sellers will go out of business, causing demand to increase and prices to rise. C. Some sellers will go out of business, causing supply to decrease and prices to rise. D. Some sellers will go out of business, causing demand to increase and prices to fall.