Which of the following are examples of explicit costs a firm might incur?
A) rent paid to the landlord
B) wages earned by delivery drivers
C) taxes owed to the IRS
D) All of the above are examples of explicit costs.
D
Economics
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If the production possibilities curve is a downward sloping straight line, then
A) resources are highly specialized, making it difficult to use them for alternative uses. B) technological change has increased. C) production is efficient only when producing at the mid-point. D) all resources must be perfectly adaptable for alternative uses.
Economics
Which of the following is most likely to be a monopolistically competitive firm?
A) a soybean farmer B) a lettuce farmer C) a municipal water district D) a fast food restaurant
Economics