A monopoly's
a. supply curve is the same as its marginal cost curve
b. supply curve is the same as its marginal revenue curve
c. marginal cost curve is downward sloping
d. demand curve is horizontal
e. marginal revenue curve is downward sloping
E
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Explain why even owners of capital that cannot be moved can avoid more of the economic stability loss due to fixed exchange rates when Norway's economy is open to capital flows
What will be an ideal response?
An implicit cost is defined as:
A) the opportunity cost of using a resource that is not explicitly paid out by the firm. B) the difference between an input's explicit cost and its actual cost. C) the amount by which economic profit exceeds accounting profit. D) the amount by which the money spent on an input to production exceeds its opportunity cost.