ECO 204 Principles of Microeconomics Week 3 Quiz Answers
- Nonprofit firms, both private and governmental, may differ in behavior from profit-seeking private firms because
- A firm exists to
- Economic profit is defined as
- What is one thing that entrepreneurs do NOT do?
- A firm that owns a car rental agency, a modeling agency, a French bakery, and a pet store is
- Ralph’s Travel Agency had accounting profits of $50,000 and implicit costs of $30,000. What were economic profits?
- The cost of alternatives given up that do not carry dollar costs is
- The Southern Tree Trimming Corporation reported an accounting profit of $35,000 and a normal rate of return of 15 percent on capital and enterprise of $30,000. The opportunity cost of labor is $15,500. What is the economic profit?
- When inputs are combined so that total production has the lowest possible cost, we are observing
- The change in total cost due to producing one more unit of output is called the
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