If retailers' marginal cost from providing product-specific services for a new smart television is $50, if retailers offer the product-specific services for the television, the market ________ will ________.
A) supply; shift to the right
B) supply; shift to the left
C) demand; shift to the left
D) supply, not shift
B) supply; shift to the left
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What would be an example of an implicit cost of production?
a. the cost of a delivery truck in a business that rarely makes deliveries b. the cost of employee training programs c. the cost of raw materials for producing bread in a bakery d. the cost of lost income an entrepreneur could have earned working for someone else
The table above shows a production possibilities frontier for an economy. If the economy tried to produce a combination of 250 loaves of bread and 800 books,
A) there is some unemployment. B) it cannot produce this combination because it lacks enough resources or technology. C) it is enjoying a free lunch. D) the tradeoff between bread and books is inefficient. E) there is full employment.