If you were to start your own business, your implicit costs would include the:
A. opportunity cost of the time you spend working at the business.
B. interest that you pay on your business loans.
C. profit you earn over and above your normal profit.
D. rent that you have paid in advance for the use of a building.
Answer: A
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A pure monopoly
a. is the only firm that produces all of the products its competitors produce b. is the single seller of a unique product c. is bigger than all its competitors combined d. has only one customer e. is always profitable in the short run
Effective usury laws cause:
A. a surplus in the market for loanable funds. B. the quantity of loanable funds demanded to be brought into balance with the quantity supplied. C. the quantity of loanable funds demanded to exceed the quantity supplied. D. the quantity of loanable funds supplied to exceed the quantity demanded.