13. An example of an implicit cost includes a small business owner who may forgo a salary in the early stages of operati

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13 An Example Of An Implicit Cost Includes A Small Business Owner Who May Forgo A Salary In The Early Stages Of Operati 1 (64.63 KiB) Viewed 41 times

13. An example of an implicit cost includes a small business owner who may forgo a salary in the early stages of operations to increase revenue. True or False 14. A normal profit takes into consideration both explicit and implicit costs. True or False 15. The short run is a concept that states that, within a certain period in the future, at none of the inputs are fixed while others are variable. True or False 16. The long run contains all fixed costs. True or False 17. Economies of scale refers to a situation wherein, as the quantity of output drops, the cost per unit goes down. True or False 18. The law of diminishing marginal returns states that adding an additional factor of production results in larger increases in output. True or False 19. Perfect competition occurs when all companies sell different products, the market share influences price, companies have a hard time entering or exiting the market due to barriers, buyers lack information, and companies can easily determine prices. True or False 20. A farmers market is an excellent example of a market that is close to perfect. True or False 21. A monopoly charges above Marginal Costs (MC), and the firm loses, True or False 22. A pure monopoly is a market structure where one company is the single source for a product and there are many close substitutes. True or False 23. A copyright and patents are legal barriers when dealing with a monopoly. True or False 24. The most prominent example of a pure monopoly in the United States is the United States Postal Service. (USPS). True or False I 25. Firms in a monopolistic competition have power to curtail supply or raise prices to increase profits. True or False 26. An oligopoly is a market structure with a small number of firms, none of which can keep others from having significant influence. True or False 27. A duopoly has two firms. True or False 28. Throughout history, steel manufacturers, oil companies, railroads, and wireless carriers are examples of oligopolies. True or False