Author Question: Among the opportunity costs of a firm are all of the following EXCEPT A) the owner's forgone ... (Read 33 times)

sheilaspns · **on:** Jun 29, 2018

Among the opportunity costs of a firm are all of the following EXCEPT

A) the owner's forgone wage.
B) costs of resources bought in markets, such as labor.
C) normal profits.
D) economic profits.

Question 2

In perfect competition, the price of the product is determined where the market

A) elasticity of supply equals the market elasticity of demand.
B) supply curve and market demand curve intersect.
C) average variable cost equals the market average total cost.
D) fixed cost is zero.