The nonmonetary opportunity costs of using owner-supplied resources is termed a. Explicit cost b. Implicit cost c. Total economic cost d. None of the above The principle of diminishing marginal utility says: a. Our additional satisfaction tends increase as we consume more and more units b. Our additional satisfaction tends to go down as we consume more and more units. c. No such relation exists between intensity of satisfaction and quantity of consumption A company may have socially efficient if it: a. Achieves lowest possible cost of production b. Uses minimum inputs possible c. Marginal social cost equals to marginal social benefits d. None of the above Lower the risk, lower the risk premium, & the higher the firm's value: a. True b. False Price-setting firms: a. Cannot set price of its product b. Has the ability to raise prices without losing all sales c. Both a & b d. None of the above Monopoly exists when: a. Single firm produces product with no close substitutes b. Restricted entry c. Profits are interdependent d. A & b A firm opening its new branch is an example of: a. Vertical Integration b. Horizontal Integration c. Conglomerate Merger d. None of the above Strategic decision making can help in