Assume it takes 5 units of labor to produce 10 units of output. When the price of labor is $5 per unit and fixed costs equal $100, what is the total cost of those 10 units of output?
A. $125
B. $150
C. $600
D. $500
Answer: A
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A. only country X benefits. B. only country Y benefits. C. both country X and country Y benefit. D. neither country X nor country Y benefit.
The economist Joseph Schumpeter argued that industrial concentration, in which a relatively small number of firms control the market place, actually ________ the rate of ________.
A. increased; technological advance B. decreased; technological advance C. decreased; market competitiveness D. increased; market competitiveness
If a product's price increases, then its:
a. MP will increase. b. MFC will increase. c. MRP will increase. d. MP will decrease.
Does a change in the price in a market result in a shift of the demand curve or in a movement along the demand curve?