Profit is the difference between ________ and ________.
a. total sales; total revenues
b. total profits; total costs
c. total revenues; total costs
d. marginal costs; marginal revenues
c. total revenues; total costs
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Which of the following is a consequence of free riders?
A. The government always steps in to produce the good or service. B. The good or service is produced regardless. C. The good or service is never produced because not enough people paid to use it. D. Consumers are better off by not having the good or service be produced.
Recall the Application about how having car insurance affects driving behavior to answer the following question(s).Recall the Application. The theory of moral hazard suggests that uninsured drivers drive less carefully than insured drivers.
Answer the following statement true (T) or false (F)
Social motives include all of the following EXCEPT:
A. altruism. B. fairness. C. the desire to create a favorable impression. D. risk aversion.
Money functioning as a medium of exchange results in an increase in transactions costs
a. True b. False Indicate whether the statement is true or false