Implicit costs are ________ and explicit costs are ________
A) costs that involve spending money; also costs that involve spending money
B) nonmonetary costs; costs that involve spending money
C) costs that involve spending money; nonmonetary costs
D) nonmonetary costs; also nonmonetary costs
B
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Refer to Table 2-11. South Korea has a comparative advantage in the production of
A) digital cameras. B) wheat. C) both products. D) neither product.
Jonathan sells tacos in the main plaza of a town in Idaho. There are three other vendors in the other corners of the plaza selling tacos of the same quality. If the market demand for tacos decreases in such a way that Jonathan's total revenue is less than his total cost, he will: a. raise the price of tacos to increase his revenue. b. reduce costs to increase his profit margin
c. shut down his business immediately. d. produce the quantity that minimizes his losses.