Which of the following is an implicit cost to a firm that produces a good or service?
A. Labor costs
B. Foregone profits of producing a different good or service
C. Costs of operating production machinery
D. Costs of renting or buying land for a production site
Answer: B
Economics
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A best response is ________
A) one player's optimal action choice irrespective of the action of the other player B) one player's optimal action choice taking the other player's action as given C) an action choice that always results in a zero payoff to the opponent D) an action choice that results in equal payoffs to all the players in a game
Economics
A increase in net exports
a. shifts the aggregate demand schedule upward b. shifts the aggregate demand schedule downward. c. does not shift the aggregate demand schedule. d. decreases saving.
Economics