The above table shows the total product schedule for the campus book store. If each employee is paid $6 per hour and there are no other variable costs, then at what level of books sold per hour does the marginal cost begin to increase?
A) 41 books per hour
B) 59 books per hour
C) 73 books per hour
D) 90 books per hour
B
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Suppose that a nation has a GDP of 1.0 trillion dollars in 2000. If a country grows at an average rate of 3.0 % per year over a fifteen year period, then its compounded GDP at the end of the 15 year period should be:
A. 1.47 Tr. B. 2.00 Tr. C. 1.33 Tr. D. 1.56 Tr.
Refer to the information provided in Figure 3.2 below to answer the question(s) that follow.
Figure 3.2Refer to Figure 3.2. Which of the following would be most likely to cause the demand for macaroni and cheese to shift from D1 to D0?
A. an increase in the price of flour used to make macaroni and cheese B. an increase in income, assuming macaroni and cheese is a normal good C. an increase in the price of macaroni and cheese D. an increase in the quantity demanded for macaroni and cheese
A change in a nonprice factor of supply will cause:
A. a movement along the supply curve. B. a shift of the supply curve. C. the supply curve to rotate inward. D. the supply curve to rotate outward.
A natural monopoly exists when, throughout the range of market demand,
a. average cost is increasing b. there are diseconomies of scale c. average cost is decreasing d. average cost is constant e. marginal cost exceeds average cost