The_____________is the principle that suppliers will normally offer more for sale at higher prices than lower prices.

Bubba is a shrimp fisherman who could earn $5,000 as a fishing tour guide. Instead, he is a full-time shrimp fisherman. In calculating the economic profit of his shrimp business, the $5,000 that Bubba gave up is counted as part of the shrimp business's

a. total revenue. b. explicit costs. c. implicit costs. d. marginal costs.

Refer to the consumption schedule above. The marginal propensity to consume is:

A.  .60
B.  .75
C.  .80
D.  .20