If instead of working on his own as a consultant making $25,000, Joe takes a job at a bank, the $25,000 is
A) an opportunity cost.
B) a depreciation.
C) a loss.
D) an accounting profit.
A
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A big downside to deregulation was that the increased competition drove some firms out of business and many workers:
a. were laid off. b. went on strike. c. went over to the competition. d. stole company property.
Any firm?s ________ equals P × q.
A. total cost B. total revenue C. marginal cost D. marginal revenue
If society will gain by producing more X, then it must be the case that currently
A. PX = MCX. B. PX < MCX. C. either PX > MCX or PX < MCX. D. PX > MCX.
Consumer surplus in a market for a product would be equal to the area under the demand curve if
A) the product was produced in a perfectly competitive market. B) marginal cost was equal to the market price. C) the market price was zero. D) producer surplus was equal to zero.