When there are implicit costs of production,
a. accounting and economic profit are equal
b. opportunity costs of production are zero
c. explicit costs of production are small
d. accounting profit will exceed economic profit
e. economic profit will exceed accounting profit
D
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International tickets get sold, on average, ______________ before departure. Average cost: $______
Fill in the blank(s) with the appropriate word(s).
If a dominant firm is charged with refusal to deal under antitrust law, it is being charged because
A) the firm will not set its price at the regulated rate. B) it is refusing to sell a key input to downstream rivals, thereby reducing or destroying competition. C) it is refusing to cooperate with antitrust authorities, such as the Department of Justice. D) it will sell its products only to people who agree to buy only from it and not from rival firms.