A circular-flow model and production possibilities frontier are similar in that
a. neither allows economic analysis to occur.
b. neither can be represented visually on a graph.
c. both make use of assumptions.
d. both make use of complex equations to arrive at solutions.
c
Economics
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Which of the following is an example of an implicit cost that a firm might incur?
A) the revenue a firm generates in using its resources B) the rental value of the office space the company owns and uses for itself C) the out-of-pocket expense to hire resources D) taxes owed to the state and Federal governments
Economics
The goals of rate regulation have included the prevention of
A) monopoly profits. B) oligopolistic pricing. C) marginal cost pricing. D) average cost pricing.
Economics