Costs as measured by accountants generally does not include
A) any of the opportunity costs of the firm.
B) any measure of depreciation.
C) the economic depreciation of the firm's equipment.
D) any rental rates.
C
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Net exports of goods and services equal the
A) exports of goods and services divided by the imports of goods and services. B) exports of goods and services plus the imports of goods and services. C) exports of goods and services minus the imports of goods and services. D) imports of goods and services minus the exports of goods and services.
Two duopoly firms form a cartel. They decide to collude and fix the price of their good. Each individual firm will earn the highest profit if
A) it cheats and the other sticks with the agreement. B) both stick with the agreement. C) it sticks with the agreement and the other cheats. D) they both cheat.