A firm's opportunity costs of using resources provided by the firm's owners are called
a. sunk costs
b. fixed costs
c. explicit costs
d. implicit costs
e. entrepreneurial costs
D
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Monopoly is unlike perfect competition in that ______.
a. a monopolist's price is greater than marginal cost b. there are no barriers to entry into a monopoly industry c. a monopolist earns an economic profit only if its price is greater than ATC d. all of the preceding are ways in which monopoly is unlike perfect competition e. a monopolist's price is greater than marginal cost and there are no barriers to entry into a monopoly industry, but not a monopolist earns an economic profit only if its price is greater than ATC, are ways in which monopoly is unlike perfect competition
The way in which a country benefits from trade is that it can
a. obtain goods at lower opportunity cost than producing them itself. b. exploit economies of scale in production and lower the cost of goods it produces. c. obtain a wider range of goods than it can produce for itself. d. All of the above are benefits.