The difference between a firm's total revenues and total costs when all explicit and implicit costs are included is the firm's:

Is the profit-maximizing price-taking firm able to mark up price above the marginal costs of production at the profit-maximizing level of output? Why or why not?

What will be an ideal response?

If a union is able to successfully lobby Congress to limit imports of rival products, and thus to raise the demand (and thus price) for the goods or services they make, then which of the following best describes the outcome? a. The supply of labor will increase

b. The demand for labor will increase. c. The supply of labor will decrease. d. The demand for labor will decrease.