If we assume perfect information, perfect mobility of resources, and no transactions costs, then there is little need for firms

A nonmonetary opportunity cost is called a(n) ________, while a cost that involves spending money is called a(n) ________

A) accounting cost; explicit cost B) implicit cost; explicit cost C) accounting profit; economic profit D) normal rate of return; asset

When the U.S. housing market crashed, it caused all of the following except:

A. all sellers of real estate to profit when selling their house. B. lenders to stop lending. C. the U.S. economy to tip into the Great Recession. D. banks to go bust due people not paying their mortgages.