Arnold Kim began blogging about Apple products during his fourth year of medical school. Kim's Website, MacRumors.
com, became so successful that he decided to give up his medical career and work full time on his Website, despite the nearly 200,000 he had invested in his education. In making his decision, the 200,000 he spent on his education
A) should be considered since it is money he could have used to invest in his Website.
B) should be ignored only if Kim can earn more than 200,000 by running his Website.
C) should be considered since it is money he has spent and needs to recoup.
D) should be ignored since it represents a sunk cost.
Question 2
If a monopolistically competitive firm has excess capacity
A) it is experiencing diseconomies of scale.
B) it produces a level of output that places it on the negatively sloped portion of its average total cost curve.
C) it is producing beyond the minimum efficient scale.
D) it has exhausted all economies of scale.
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