Implicit cost refers to student response percent

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Question 6 (4 points) Implicit cost refers to: Student response:
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Percent Value Correct Response Student Response Answer Choices 0.0% a. the amount a firm receives for selling its product or service. 0.0% b. any increase in the value of the assets owned by the firm. 100.0% c. the opportunity cost of factors of production provided by the owners of the firm. This is the definition of implicit cost. 0.0% d. explicit payments to the factors of production. Score:4 / 4 Question 7 (4 points) Social Security taxes are: Student response: Percent Value Correct Response Student Response Answer Choices 0.0% 0.0%
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0.0% 100.0%
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Score:4 / 4 Question 8 (4 points) Refer to the graph above. Total surplus is maximized when: Student response: Percent Value Correct Response Student Response Answer Choices 100.0% a. the market is in equilibrium at price P1 and quantity Q1. The text demonstrates that there will be lost surplus when price is above or below equilibrium. Excess demand is maximized at a price of zero, where the quantity supplied would be zero and there would be no surplus. 0.0% b. producers are able to charge a price above P1. 0.0% c. consumers are able to pay a price below P1. 0.0% d. excess demand is maximized.
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Score:4 / 4 Question 9 (4 points) Refer to the graph above. Which price combination is consistent with the budget line shown? Student response: Percent Value Correct Response Student Response Answer Choices 0.0% 100.0% 0.0% 0.0% Score:4 / 4
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Christopher Reinemann
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