To an economist, total costs include
A) explicit, but not implicit costs.
B) implicit, but not explicit costs.
C) explicit and implicit costs.
D) neither explicit nor implicit costs.
C
Economics
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In the above figure, the perfectly competitive firm's shutdown point is at a price of
A) $4 per unit. B) $8 per unit. C) $12 per unit. D) $16 per unit.
Economics
Refer to Scenario 1-3. Had the firm not produced and sold the last 400 t-shirts, would its profit be higher or lower, and if so by how much?
A) Its profit would be $800 higher. B) Its profit would be $4,000 lower. C) Its profit would be $4,800 higher. D) Its profit would be $800 lower.
Economics