Question & Answer 150 Words please ANSWER ON THIS FORM!!!!
Give an example of an opportunity cost that an accountant might not count as a cost. Why would the accountant ignore this cost?
Explain the difference between a firm’s revenue and its profit. Which do firms maximize?
Give an example of a government-created monopoly. Is creating this monopoly necessarily bad public policy? Explain.
How might advertising reduce economic well-being? How might advertising increase economic well-being?
What is the prisoners’ dilemma, and what does it have to do with oligopoly?