Since advertising increases a firm's average total cost, consumers ultimately pay for the cost of advertising in the form of a higher price in the long run. It is not possible for a firm to end up with a lower profit-maximizing price as the result of advertising

Opportunity cost

A) can only be measured as a paid cost. B) is always the value of the next best forgone opportunity. C) does not exist since there are no receipts. D) is always the lowest valued alternative.

The unreported or illegal production of goods and services in the economy that is not counted in GDP is termed:

A. money laundering. B. the underground economy. C. disposable personal income. D. indirect national income.