Suppose your accountant told you that the $50,000 you made last year was the total revenue you earned minus both explicit and implicit costs. You would be pleased because that $50,000 represents your

Mikey is very picky and insists that his mom make his breakfast with equal parts of cereal and apple juice — any other combination and it ends up on the floor. Cereal costs 4 cents per tablespoon and apple juice costs 6 cents per tablespoon

If Mikey's mom budgets $8 per month for Mikey's breakfast, how much cereal and juice does she buy? A) 40 tablespoons each of cereal and juice B) 80 tablespoons each of cereal and juice C) 40 tablespoons of cereal and 75 tablespoons of juice D) 100 tablespoons of cereal and 67 tablespoons of juice

In the early decades of the 18th century, English goods sold for as much as 80 to 140 percent more in the colonies than in England primarily due to:

a. high tariffs on English goods imported to the colonies. b. a limited supply of English goods available for shipment to the colonies. c. high transportation costs for goods shipped from England to the colonies. d. legally established price floors on English goods sold in the colonies.