From the economic point of view, "joint costs" are problematic because
A) they can only be determined in markets for illicit drugs.
B) there is no way to correctly allocate joint costs.
C) they can be measured only by the most sophisticated accounting techniques.
D) there is no way to discuss the concept meaningfully.
B
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If we observe firms earning zero economic profits in the short run, we know that
A) the industry must be perfectly competitive. B) the industry must be either perfectly competitive or monopolistically competitive. C) there must not be any barriers to entry. D) any market structure is possible since firms under any market structure can earn zero profits at some time.
Answer the question on the basis of the following information: Harry owns a barber shop and charges $6 per haircut. By hiring one barber at $10 per hour, the shop can provide 24 haircuts per eight-hour day. By hiring a second barber at the same wage
rate, the shop can now provide a total of 42 haircuts per day. Refer to the given information. The MRP of the second barber is: A. 18 haircuts. B. $108. C. 42 haircuts. D. $126.