According to information in the textbook, in the early West, many of the open lands were overgrazed. This was largely because
A. landowners charged ranchers a fee to graze their cattle.
B. the lands were unowned.
C. a government policy in effect at the time subsidized cattle production.
D. none of the above
Answer: B
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If Bill expects to earn a higher income next month, he may choose to a. save more now and spend less of his current income on goods and services. b. save less now and spend more of his current income on goods and services. c. decrease his current demand for goods and services
d. move along his current demand curve for goods and services.
Veruca sells therapeutic bath salts on the Internet. Her annual revenue is $52,000 per year, the explicit costs of her business are $14,000, and the opportunity costs of her business are $17,000 per year. What is her economic profit?
A) $14,000 B) $21,000 C) $31,000 D) $38,000