The implicit cost incurred by a firm to use its resources to produce its output is the firm's
A) total cost.
B) explicit cost.
C) opportunity cost.
D) accounting cost.
C
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Which of the following policy measures forced credit-rating agencies to provide reports to the SEC when their employees go to work for a company that has been rated by them in the last twelve months?
A) the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 B) Sarbanes-Oxley Act of 2002 C) Global Legal Settlement of 2002 D) Gramm-Leach-Bliley Act of 1999 E) Riegle-Neal Act of 1994
In 2004, hurricanes damaged a large portion of Florida's orange crop. As a result of this, many orange growers were not able to supply fruit to the market. If, following the hurricane, the price remained at its pre-hurricane level, we would expect to see
A) a surplus of oranges. B) the quantity demanded equal to the quantity supplied. C) a shortage of oranges. D) an increase in the demand for oranges.