If the total variable cost curve for a firm is S-shaped, what is the shape of the total cost curve for that firm?
a. U-shaped
b. Flat.
c. Hill-shaped.
d. S-shaped.
e. There is not enough information.
d
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Which is not a determinant of supply?
a. The existing state of technology used by the firm b. The level of government taxes and subsidies c. The cost of resources used in production d. The market price of the good
Which of the following is not a valid explanation for the high unemployment rate among African American teens?
A. discrimination B. concentration in inner cities where job opportunities for less-skilled workers are inadequate C. lack of desire to work D. minimum wage law
Money serves as a unit of account when:
A. it is a basic measure of economic value. B. there is a double coincidence of wealth. C. it is used to purchase goods and services. D. it is a means of holding wealth.
Suppose the absolute price elasticity of demand for magazine subscriptions is 1.5. In order to increase the total revenues from subscriptions, the publishers should
A) increase the price of the newsletters. B) reduce the price of the newsletters. C) sell the newsletters on the inelastic portion of its demand curve. D) keep the price the same.