Which of the following statements is false?
A) In the short run: total cost = fixed cost + variable cost.
B) Variable costs are costs that change as output changes.
C) An explicit cost is a nonmonetary opportunity cost.
D) In the long run there are no fixed costs.
C
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The table above shows the demand and costs for a single-price monopolist. The firm can maximize its profit by setting its price at
A) $30 per unit. B) $35 per unit. C) $40 per unit. D) $45 per unit.
During the last few decades in the United States, health officials have argued that eating too much beef might be harmful to human health. As a result, there has been a significant decrease in the amount of beef produced. Which of the following best explains the decrease in production?
a. Beef producers, concerned about the health of their customers, decided to produce relatively less beef. b. Government officials, concerned about consumer health, ordered beef producers to produce relatively less beef. c. Individual consumers, concerned about their own health, decreased their demand for beef, which lowered the equilibrium price of beef, making it less attractive to produce. d. Anti-beef protesters have made it difficult for both buyers and sellers of beef to meet in the marketplace.