Explain why purely competitive markets tend to benefit consumers over producers.

Five months ago Wilson opened up a health club. Which of the following is an implicit cost related to the health club? Group of answer choices Wilson paid $120 for an outside laundry service to clean the towels used at the club.

B Co. reported a deferred tax liability of $24 million for the year ended December 31, 2017, related to a temporary difference of $60 million. The tax rate was 40%.

Blue Spruce University sells 6,800 season basketball tickets at $45 each for its 10-game home schedule. Prepare a tabular summary to record (a) the sale of the season tickets and (b) the revenue recognized after playing the first home game

Suppose the number of buyers in a market decreases and a technological advancement occurs also. what would we expect to happen in the market? a. equilibrium price would decrease, but the impact on equilibrium quantity would be ambiguous. b.

Who was the president during the great depression?

The chapter says that for consumers as a group, Quiznos sandwiches are normal goods and Subway sandwiches are inferior goods.

Suppose that a firm produces 200,000 units a year and sells them all for $10 each. The explicit costs of production are $1,500,000 and the implicit costs of production are $300,000. The firm has an accounting profit of: a.

John has applied overhead of $80,000 and actual overhead of $70,600 for the month of November. He applies overhead based on direct labor hours, and that amounts to 10,000 hours for the month of November.

Under market organization, individuals can communicate their preferences to other decision makers directly, through communication, but not indirectly, through their choice of whom to transact with. A) True B) False

If you die without a valid will: the federal court decides how the property should be distributed. the IRS confiscates your property. your relatives or friends will get the property. the state's law of descent and distribution becomes your will.