Multiple Choice
Bubba is a shrimp fisherman who could earn $5,000 as a fishing tour guide. Instead, he is a full-time shrimp fisherman. In calculating the economic profit of his shrimp business, the $5,000 that Bubba gave up is counted as part of the shrimp business's
A) total revenue.
B) explicit costs.
C) implicit costs.
D) marginal costs.
Correct Answer:
Verified
Correct Answer:
Verified
Q200: Suppose that for a particular firm the
Q201: The fact that many inputs are fixed
Q202: Figure 13-1 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB7555/.jpg" alt="Figure 13-1
Q203: Table 13-9<br><br><br> <span class="ql-formula" data-value="\begin{array}
Q204: Describe the relationship between average variable cost
Q206: If long-run average total cost is rising,
Q207: Table 13-15<br> <span class="ql-formula" data-value="\begin{array}
Q208: Total revenue equals<br>A)price × quantity.<br>B)price/quantity.<br>C)(price × quantity)
Q209: The average-total-cost curve is unaffected by diminishing
Q210: Table 13-15<br> <span class="ql-formula" data-value="\begin{array}