A firm will stay in business if _____ are greater than ______; A firm will go out of business if ______ are greater than ______.
Fill in the blank(s) with the appropriate word(s).
total revenue; total costs; total costs; total revenue
Economics
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A firm's opportunity costs of production are equal to its implicit costs only
a. true b. false
Economics
A concert-goer who had been willing to pay up to $150 for a ticket, but who pays a scalper $125 for one, experiences a consumer surplus of $25
Indicate whether the statement is true or false
Economics