The Federal Reserve System of the U.S. is the country's:
Financial adviser
Deposit insurance provider
Central bank
Comptroller or Accountant
Central bank
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If a firm's total revenue just covers its implicit and explicit costs of production, then
A. the economic cost of production exceeds total revenue. B. accounting profit is zero. C. economic profit is zero. D. total revenue exceeds the economic cost of production.
The figure above shows the market for milk. If 100 gallons of milk a day are available, the ________ price that consumers are willing to pay for the last gallon is ________
A) maximum; $2.50 B) minimum; $3.00 C) maximum; $4.00 D) minimum; $4.00
The long run is a period of:
a. at least one year. b. sufficient length to allow a firm to expand output by hiring additional workers. c. sufficient length to allow a firm to alter its plant size and capacity and all other factors of production. d. sufficient length to allow a firm to transform economic losses into economic profits by hiring better workers.
Marginal damages are hard to measure because
A. they can be generated from multiple sources. B. they are hard to graph. C. they happen over time. D. no one cares about them.