An example of an implicit cost is:
A. the wages paid to workers.
B. the interest on business loans.
C. the imputed rent on a store owned by the firm.
D. the materials used to produce the product.
Answer: C
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A seller has some information about a good that the buyer does not have. When would the seller be most likely to provide the buyer with the currently "hidden" information?
A. When the seller thinks that providing the information will decrease the supply of the good. B. When the seller thinks that providing the information will increase the supply of the good. C. When the seller thinks that providing the information will decrease the demand for the good. D. When the seller thinks that providing the information will increase the demand for the good. E. There is not enough information to answer the question.
The amount of a commodity that buyers in the market would like to purchase at a particular price is
a. equilibrium b. quantity supplied c. quantity produced d. infinite e. quantity demanded
A 14-day training and workshop initiative undertaken by a manufacturing firm improves the productivity of its workers and increases its monthly production. This results in a(n): a. upward movement along the demand for labor curve. b. rightward shift of the demand for labor curve
c. leftward shift of the demand for labor curve. d. downward movement along the demand for labor curve.
When marginal cost pricing is used, the losses are usually paid for by ______.
a. taxpayers b. producers c. distributors d. suppliers