The Oh So Humble Bakery sells 300 muffins at a price of $1 per muffin. Its explicit costs for producing 300 muffins are $250. If the bakery is earning a normal rate of return, then implicit costs must be

The most efficient way to encourage the growth of an infant industry is through

A) a voluntary export restraint. B) a tariff. C) a subsidy. D) an import quota.

The following price-quantity coordinates for gold used by U.S. dentists were observed: P = $875/ounce, Q = 342,000 . P = $200/ounce, Q = 706,000 . These points most likely lie along the

a. supply curve for gold for dental use. b. demand curve for dental use. c. equilibrium curve for dental use. d. production possibilities curve for dental use.