An example of an implicit cost is:
A. the wages paid to workers.
B. the interest on business loans.
C. the imputed rent on a store owned by the firm.
D. the materials used to produce the product.
Answer: C
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Consider a market with inverse demand p = 100 – 2Q. Firms have no fixed cost and constant marginal cost c
a. Derive the firms' outputs and profits when this market is served by Cournot duopolists. b. How do outputs and profits vary with c? Specifically, use calculus to find the derivative of the output of each firm and profit of each firm with respect to c. c. Suppose the firm's also have a fixed cost of F in addition to the marginal cost c. How does F alter the best response functions and NE? Explain in words. (For technical reasons, assume that both firms still produce a positive level of output in equilibrium)
What best describes immigration in the US?
a. South-eastern Europe was the largest source of immigrants in the late 19th century and Latin America was the largest source at the beginning of the 20th century. b. Asia was the largest source of immigrants in late 20th century and south-eastern Europe was the largest source in the first half of the 19th century. c. Britain was the largest source of immigrants through the 18th century and Germany and Ireland were the largest sources in the last quarter of the 19th century. d. Ireland and Germany were the largest sources of immigrants in the middle of the 19th century and Latin America and Asia were the largest sources at the end of the 20th century.