Ben’s Peanut Shoppe suffers a short-run loss. Ben will not choose to shut down if his business’ total revenue exceeds his:
a) capital costs.
b) implicit costs.
c) variable cost.
d) fixed cost.
c) variable cost.
Economics
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Which of the following examples best describes the Law of Diminishing Marginal Benefit?
A) If a seller of notebooks in a perfectly competitive market charges above the market price, his profit decreases. B) With each additional pen Jill buys, her willingness to pay for another pen decreases. C) Each additional unit of ice cream that John consumes gives him more and more satisfaction. D) If the weather gets cold, the demand for ice cream will fall.
Economics
The ________ determines the supply of money
A) Federal Reserve B) banking system C) President D) Congress
Economics