Refer to the short-run information provided in Figure 8.5 below to answer the question(s) that follow. 
Figure 8.5 Refer to Figure 8.5. If six drones are produced, average fixed costs are
A. $2.50.
B. $8.33.
C. $13.33.
D. $21.67.
Answer: B
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The price elasticity of demand for furniture is estimated at 1.3. This value means a one percent increase in the
A) price of furniture will increase the quantity of furniture demanded by 1.3 percent. B) price of furniture will decrease the quantity of furniture demanded by 1.3 percent. C) quantity of furniture demanded will decrease the price of furniture by 1.3 percent. D) quantity of furniture demanded will increase the price of furniture by 1.3 percent.
For how long does a patent give a firm the exclusive legal right to a product?
A) 10 years B) 17 years C) 20 years D) 50 years
The nominal exchange rate is
A) the difference between the interest rate in one country and the interest rate in another country. B) the rate at which a bond may be exchanged for currency. C) the rate at which a stock may be exchanged for currency. D) the price of one country's currency in terms of another's.
Of all federal receipts (tax receipts and borrowing) about _____ comes from the payroll tax.
Fill in the blank(s) with the appropriate word(s).