If a firm that has total revenue of $5 million shuts down, we may conclude that its variable costs are __________.
Fill in the blank(s) with the appropriate word(s).
more than $5,000,000
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Refer to the figure above. The market price of Good Y is ________
A) $10 B) $17 C) $22 D) $20
If you can't prevent people from consuming something, then:
A. they have little reason to pay for using it. B. the good is not excludable. C. individuals will likely use it for free. D. All of these statements are true.
Suppose a state has the following individual income tax structure. The first $20,000 that an individual earns is taxed at 5%. The next $30,000 is taxed at 10%. Any income exceeding $50,000 is taxed at 20%. Based on this tax structure, if a person's income rises from $45,000 to $55,000 . his marginal tax rate is:
a. 25% b. 20% c. 10% d. 15%
Shifts in demand away from French products and toward U.S. products (caused by forces other than changes in the exchange rate) would result in extra attempts to
A. buy euros and sell dollars. B. buy both euros and dollars. C. sell both euros and dollars. D. sell euros and buy dollars.