Your aunt is thinking about opening a hardware store.

She estimates that it

would cost $500,000 per year to rent the location and buy the stock. In
addition, she would have to quit her $50,000 per year job as an accountant.
Your aunt’s opportunity costs comprise *-implicit costs only

the accounting costs

none of the above
all economic costs
the accounting costs and the implicit costs.
In the short-run, the basic relationship between an individual firm’s supply
curve under perfect competition and the market supply curve under perfect
competition is *

the individual firm’s supply curve is horizontal, but the market supply curve
is upward sloping
the individual firm’s supply curve is vertical, but the market supply curve is
upward sloping
the market supply curve is equal to the average of all the individual firm’s
supply curves
the market supply curve is the summation of all the individual’s firms’
supply curves
The actions of a firm in a purely competitive industry have no effect on
market price; therefore, the demand curve faced by the firm is *

a horizontal line at the level of the market price.

a firm’s total revenue curve
a downward-sloping curve.
unknown.
Total product curve in the first stage of production shows that it is increasing
at an increasing rate because *

the marginal product is negative.

the marginal product is zero.
the marginal product is positive and increasing.
the marginal product is positive and decreasing.
If it is possible for a perfectly competitive firm to do better financially by
producing rather than shutting down,then it should produce the amount of
output at which: *

MR = MC
MR > MC
MR < MC