The table above shows a total product schedule. Suppose that labor costs $20 per worker and fixed costs are $60. The average total cost of producing 80 units equals ________ per unit
A) $0.75
B) $1.00
C) $1.75
D) $60
E) $0.25
C
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The chairperson of the Federal Reserve's Board of Governors is:
A. elected by the public. B. selected by commercial banks. C. appointed by the Board of Governors. D. appointed by the president.
Advances in production technology enable society to produce
a. less goods with more resources b. more goods with current or less resources. c. the same amount of goods utilizing more resources. d. less goods with less resources.
The marginal revenue curve for a monopolistically competitive firm is ________ that of a perfectly competitive firm and ________ that of a monopolistic firm.
A. steeper than; flatter than B. flatter than; the same as C. the same as; steeper than D. flatter than; steeper than
Refer to the information provided in Figure 26.8 below to answer the question(s) that follow.
Figure 26.8Refer to Figure 26.8. If the economy is currently at Point B producing output level Y1
A. input prices are likely to rise. B. aggregate supply shifts to the left and the economy ends up at Point C. C. the economy is operating above full employment. D. all of the above.