Which of the following is true?
A) Opportunity costs are the same as explicit costs.
B) A firm's net income is the same as its accounting profit.
C) If a firm's accounting profits are positive, its economic profits must also be positive.
D) A firm's accounting profit is equal to its economic profit.
B
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As credit card usage expands in usage, the likely effect will be to
A) increase the velocity of M1. B) reduce the velocity of M1. C) increase money demand. D) increase the money supply.
An increasing-cost industry is so named because of the positive slope of which curve?
A) Each firm's short-run average cost curve B) Each firm's short-run marginal cost curve C) Each firm's long-run average cost curve D) Each firm's long-run marginal cost curve E) The industry's long-run supply curve