Suppose that a small business takes in monthly revenue of $100,000. Labor, rental, energy, and other purchased input costs are $70,000. The owner/entrepreneur could earn $5,000 per month in another job, and the owner/entrepreneur could get a return of $5,000 each month if she sold her business and invested the net proceeds in a financial asset, such as a treasury bond. Which of the following correctly describes her monthly economic profit?

Saurav lives in Helena and likes to grow zucchini. He applies fertilizer to his crops twice during the growing season and notices that the second layer of fertilizer increases his crop, but not as much as the first layer. What economic concept best explains this observation?

Exhibit 3-21 Demand and supply curves ​ ​ If market supply decreases and, simultaneously, market demand increases, the new equilibrium will show:

When there is a surplus of a product in a market the:

Which of the following is true, according to the law of diminishing marginal utility?

Which of the following must be true if good X is a normal good and income increases?

A surplus of wheat:

Suppose the president of a textbook publisher argues that a 10 percent increase in the price of textbooks will raise total revenue for the publisher. It can be concluded that the company president thinks that demand for textbooks is:

Ceteris paribus, which of the following would cause a decrease in the demand for HDTVs, a normal good?

Ceteris paribus, if consumer tastes change so that more people are eating broccoli, then what will happen to the market equilibrium for cabbage, a substitute good for broccoli?