Multiple Choice
_____________ work together to guide resources to their highest value.
A) The explicit cost and the implicit cost of a profit maximizing firm
B) The short run and long run supply curve
C) The rationing and allocative functions of price
D) The economic profit and accounting profit
Correct Answer:
Verified
Correct Answer:
Verified
Q19: Last year Pat was a soybean farmer
Q20: Economic rent:<br>A)equals economic profit minus accounting profit.<br>B)is
Q21: Suppose a market is in equilibrium.The area
Q22: Explicit costs:<br>A)are the only costs that matter
Q23: Ingrid has been waiting for the show
Q25: Economic profits are:<br>A)the same as accounting profits.<br>B)equal
Q26: Barriers to entry are created by:<br>A)government regulation
Q27: Pat used to work as an aerobics
Q28: A price ceiling that is below the
Q29: In an industry with free entry and