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Suppose that a business incurred implicit costs of $500 and explicit costs of $5,000 in a specific year. If the firm sold 100 units of its output at $50 per unit, its accounting:

Suppose a local floral shop has explicit costs of $200 per week and implicit costs of $400 per week. If the store earned an economic profit of $500, this means that the store’s accounting profit is $_____. 

Suppose the price elasticity of demand for fishing lures equals 1.5 in Minnesota and 0.63 in South Dakota. To increase revenue, fishing lure manufacturers should:

The market system does not produce public goods because

In spending all his income on pop and pizza, Paul finds that the marginal utility of the last pizza he consumed is 8, and the marginal utility of the last can of pop is 4. The price of a can of pop is $1.50. If Paul has maximized his utility, the price of pizza must be:

If the total utility from consuming five units of a product is 245, and the marginal utility of a sixth unit is 10, then the total utility from consuming six units would be:

In the long run, a profit-maximizing monopolistically competitive firm sets it price:

The price of a product rises by 1% and the quantity of the product purchased falls by 5%. The price elasticity of demand is equal to _____, and demand is described as _____.

Economies of scale are indicated by:

On a linear demand curve, demand at lower prices will be: