Regarding costs, accountants _____; economists _____
a. identify stable and predictable costs for decision-making purposes; measure costs for financial reporting purposes
b. identify stable and predictable costs for financial reporting purposes; measure costs for decision making purposes
c. do not include opportunity costs; include opportunity costs
d. include opportunity costs; do not include opportunity costs
e. both b and c
f. both a and d
e
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A single-price monopoly has marginal cost of $23 and marginal revenue of $28. Which of the following is definitely correct?
A) It is maximizing profit. B) To increase profit, it should produce less. C) To increase profit, it should produce more. D) It should shut down. E) It is making an economic profit.
Rationing schemes are often used during times of war because
a. the market will not come to equilibrium b. military forces cannot afford war supplies c. high prices erode popular support for the war effort d. it is a windfall gain to the typical consumer e. short lines are better than short pocket books