The marginal revenue curve for a perfectly competitive firm will be downward sloping.

Above the equilibrium nominal interest rate, there is a surplus of money

a. True b. False Indicate whether the statement is true or false

Implicit costs are

a. Regarded as costs by accountants, but not economists. b. Payments that a firm makes to other firms or individuals who supply resources to it. c. Opportunity costs such as the value of leisure time, or the highest and best use of the business's assets. d. Costs that vary proportionally with output.