In the short run, costs that arise from resources that cannot vary in quantity are known as ____________, whereas costs from inputs that can vary in quantity are known as ____________
a. fixed costs; variable costs
b. explicit costs; implicit costs
c. opportunity costs; variable costs
d. fixed costs; opportunity costs
e. variable costs; fixed costs
A
Economics
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Sue owns a baking company. The company's total revenue for a month is $4000. The monthly costs of resources bought in the market and of resources owned by the firm are $2000 and monthly costs of resources supplied by the owner are $1000
Sue's economic profit for the month is equal to A) $4000. B) $3000. C) $2000. D) $1000.
Economics
According to the real business cycle model, a rightward shift in the long-run aggregate supply schedule would be caused by ________
A) a negative supply shock B) an increase in aggregate demand C) a positive supply shock D) a decrease in aggregate demand
Economics