Multiple Choice
A normal profit for a self- employed entrepreneur is
I. an opportunity cost.
II. part of the implicit rental rate of the funds invested in the business.
A) Only I
B) Only II
C) Both I and II
D) Neither I nor II
Correct Answer:
Verified
Correct Answer:
Verified
Q32: When a firm experiences economies of scale,
Q33: When long- run average cost decreases as
Q34: Increasing marginal returns to labour might occur
Q35: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4952/.jpg" alt=" -The above table
Q36: The above table shows the total product
Q38: A firm's opportunity costs _.<br>A) increase when
Q39: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4952/.jpg" alt=" -In the figure
Q40: As output increases, marginal cost will eventually<br>A)
Q41: A firm's average total cost is $60,
Q42: Which of the following statements is true?<br>A)