Jennifer Borts moves her office from the premises she rents at a local mall to her home. As a result of this move
A) Jennifer's explicit costs fall and her implicit costs rise.
B) Jennifer's total costs fall.
C) Jennifer's implicit costs fall.
D) Jennifer's opportunity costs fall.
Answer: A
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Kathy and Amy paint pictures and do caricatures to sell to tourists. In one day, Kathy can either paint two pictures or do four caricatures. In one day, Amy can either paint three pictures or do three caricatures
For both Kathy and Amy, what is the opportunity cost of painting one picture? Who has the comparative advantage in painting pictures and who has the comparative advantage in doing caricatures? How might they be able to increase their total output?
What is the term that describes a situation in which one party to an economic transaction has less information than the other party?
A) monopsony B) asymmetric information C) inefficient market hypothesis D) unequal market structure