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32) Economic profit equals total revenue minus A) the cost of resources bought in the market. B) the implicit rental rate. C) the opportunity cost of production. D) the cost of resources supplied by the owner. E) the cost of resources owned by the firm.

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Elin Hessel
Elin HesselLv2
3 Jan 2018
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Related questions

The concept of opportunity cost would become irrelevant if:
Ā 
A) The market mechanism functioned to allocate resources.
B) The government allocated resources.
C) The production possibilities curve bowed outward.
D) Resources were no longer scarce.

Ā 

If a competitive industry is neither expanding nor contracting, we would expect:

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B. economic profit is zero.

C. total opportunity cost is zero.

D. more resources to flow to that industry.

Ā 

Use the figure above to answer the following questions. It pictures three cost curves of a perfectly competitive producer of apples. It also pictures a variety of possible market prices, ranging from $1.10 per bushel to $4.90 per bushel. We assume that the firm wants to maximize profit. Let Point f= $4.90/bushel; point g= $4/bushel: point m= $2.40/bushel Figure 21.1 Price or Cost (dollars/bushel) MC AT 4.90 g 13 18 24 37 46 50 54 Quantity (thousands of bushels/year) 12) A perfectly competitive firm achieves productive efficiency because a. it produces the quantity of output at which price equals marginal cost. b. it produces its output at the lowest possible unit cost in the long run. c. it produces the quantity of output at which the exchange value of resources to demanders equals the opportunity cost of the resources. d. its firms never waste resources on advertising individually. e. its firms never waste resources on advertising as a group

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