Implicit costs are:
A. Equal to total fixed costs
B. Comprised entirely of variable costs
C. "payments" for self-employed resources
D. Always greater in the short run than in the long run
C. "payments" for self-employed resources
Economics
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In the figure above, if pizza production is restricted to 5,000 pizzas a day, then marginal benefit ________ marginal cost, and ________ occurs
A) exceeds; overproduction B) exceeds; underproduction C) is below; overproduction D) is below; underproduction E) exceeds; efficient production
Economics
Other things constant, a decrease in the price of fertilizer will: a. increase the supply of wheat
b. decrease the supply of wheat. c. increase the demand for wheat. d. decrease the demand for wheat.
Economics