An implicit cost is
a. any cost a firm cannot avoid in the short run
b. any expenditure a firm makes
c. an opportunity cost
d. accurately measured in accounting statements
e. ignored by economists
C
Economics
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For each of the following sets of supply and demand curves, calculate equilibrium price and quantity
a. QD = 1000 - P; QS = P b. QD = 1500 - 2P; QS = 100 + 2P c. QD = 2000 - 3P; QS = -300 + 3P
Economics
The First Bank of the United States was able to control the money supply by
a. using open market operations b. presenting state banks with their notes for repayment in gold and silver c. changing the national currency on an annual basis d. merging the banking decision making of the executive and the legislative branches e. forcing the Senate Banking Committee to issue fiat money
Economics