Which of the following goods is most likely to be over consumed?
A. Fish in the ocean
B. Chickens on a farm
C. Horses on a ranch
D. Water from a reservoir
A. Fish in the ocean
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A normal rate of return on investment is equal to
A) accounting profit minus economic profit. B) the opportunity cost of capital plus any other implicit costs. C) accounting profit plus economic profit. D) total revenue plus total accounting profit
Suppliers will be willing to supply a product in all of the following situations except when
A) the price received is greater than the additional cost of producing the product. B) the price received is at least equal to the additional cost of producing the product. C) the price received is equal to the additional cost of producing the product. D) the price received is less than the additional cost of producing the product.