Question 26 Which of the following is not an example of an accounting or explicit cost for a startup company? Select the correct answer below: rent cost of electricity manager's salary interest rate forgone by not investing the startup money Question 20 As the cost of computing power declines every year, firms will save costs by Select the correct answer below: hiring more skilled workers who know how to operate computers. substituting computers for workers where possible. investing in automation technology. all of the above Question 24 The production function gives the answer to the question: Select the correct answer below: What will happen to market demand if factors of production become more expensive? How much output can the firm produce given different amounts of inputs? How much output can the firm produce given different levels of demand? What is the best amount of output for the firm to produce given different levels of demand? Content attribution Question 27 When measuring income elasticity of demand, a(n) will have a positive result. Select the correct answer below: inferior good normal good substitute good complementary good Question 30 Since a profit-maximizing firm in perfect competition chooses a quantity to produce when price (marginal revenue) equals marginal cost, the marginal cost curve is effectively Select the correct answer below: Oits total costs curve O its average total costs curve its supply curve its demand curve

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