The phrase "don't cry over spilt milk" could be rephrased in economic terms by saying:
A. "Sunk costs are irrelevant to a decision."
B. "Real resources have opportunity costs."
C. "There are economies and diseconomies of scale."
D. "The law of diminishing returns applies to everything."
A. "Sunk costs are irrelevant to a decision."
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Refer to Table 17-3. What is the amount of profit added as a result of hiring the fourth worker?
A) $7,200 B) $1,200 C) $800 D) $400
China has few state-owned enterprises left in its economy
Indicate whether the statement is true or false
Which of the following would be shown on IBM's accounting statement?
a. revenue, implicit costs, explicit costs, and economic profit b. revenue, implicit costs, explicit costs, and accounting profit c. revenue, explicit costs, and economic profit d. revenue, explicit costs, and accounting profit e. revenue, implicit costs, and accounting profit
The law of diminishing marginal utility indicates that the marginal utility curve is:
a. downward sloping. b. upward sloping. c. U-shaped. d. flat. e. vertical.