True/False On the scantron, please indicate whether the statement is true or fal

Question

True/False On the scantron, please indicate whether the statement is true or false. Please bubble in A for True and B for False. 29. In the long run, only variable costs exist. An example of an implicit cost is the foregone income that a business owncr-manager could have earned working for someone else as say, a lawyer. 30. 31. All fixed costs are sunk costs. 32. If a firm is earning an cconomic profit, it is necessarily (has to be) earning an accounting profit, too 33. A perfectly competitive firm should shut down production in the short-run if price is less than 34. A perfectly competitive firm will always maximize short-run profits by producing the level of output where cost. average total cost is minimized. A monopolist that practices perfect price discrimination has the same deadweight loss triangle as the single-price monopolist. 35. 36. In long run equilibrium, a monopolistic competitive firm will most likely produce a level of output for which price equals average total cost.

Explanation / Answer

29.. true

Variable costs exists in both long run and short run.variable costs are costs changes as output changes.

30. True

Implicit cost is implied cost is the opportunity cost.it happens when a firm allocates internal resources towards a project without any explicit compensation for the utilisation of resources.

31. False

All sunk cost Can be fixed costs but all fixed costs can't be considered as sunk costs.

32. True

Accounting profit is the monetary costs a firm pays out and a revenue a firm receives.it is the bookkeeping profit and it is higher than economic profit.accounting profit = total monetary revenue - total costs.accounting profit is only explicit costs where as economic profit is both implicit and explicit costs.

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