Refer to Figure 8.2 above. The total fixed costs for The Barber Shop are $3,000. If The Barber Shop produces 300 hair cuts, the average fixed costs are
A) $.20.
B) $5.
C) $10.
D) $100.
C) $10.
You might also like to view...
A major reason that firms form a cartel is to
A. enlarge the market share for each producer. B. maximize joint profits. C. reduce the elasticity of demand for the product. D. minimize the costs of production.
Which figure above shows the effect if research is published claiming that eating pizza is healthy?
A) Figure A B) Figure B C) Figure C D) Figure D E) Both Figure A and Figure D
A corrective subsidy induces the ________ to the socially optimal level
A) consumers of a negative externality to increase the quantity consumed B) producers of a negative externality to increase the quantity produced C) consumers of a positive externality to increase the quantity consumed D) producers of a positive externality to reduce the quantity produced
The marginal revenue product of labor is defined as
A) the change in the firm's output as a result of hiring one more worker. B) the change in the firm's revenue as a result of selling one more unit of output. C) the change in the firm's profit as a result of hiring one more worker. D) the change in the firm's revenue as a result of hiring one more worker.