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Principles of Microeconomics Exam 3 Chapters 13-14 (Questions and Answers) The amount of money that a firm receives from the sale of its output is called - total revenue Total revenue equals - total output multiplied by price per unit of output explicit costs - require an outlay of money by the firm Which of the following is an implicit cost? (i) the owner of a firm forgoing an opportunity to earn a large salary working for a Wall Street brokerage firm (ii) interest paid on th...

Principles of Microeconomics The statement "Unemployment should be below 6 percent" is - a normative statement. From 8 to 11 p.m., Sam can either attend a basketball game, a hockey match or the symphony. Suppose that Sam decides to attend the hockey match and thinks to herself that if she did not go to the match she would go to the symphony. Then the opportunity cost of attending the hockey match is - going to the symphony. Resource use is allocatively efficient if the - marginal c...