The table above gives production information for Bob's Baseball Cap Company. Bob's total cost when zero caps are produced is $200 and workers cost $10 per hour. The total variable cost of producing 18 baseball hats per hour is
A) $200.00.
B) $30.00.
C) $1.67.
D) More information is needed to answer the question.
B
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Because the amount of labor a firm employs can be changed, the cost of labor is known as
A) minimum cost. B) variable cost. C) maximum cost. D) fixed cost. E) an unavoidable cost.
Using the official measure of unemployment, which of the following would NOT be counted as unemployed?
A) a person who is not working but who has tried to find a job in the past week B) a person who is waiting to be called back to a job after having been laid off C) a person who performs traditional housework and does not work outside the home for pay D) a person who is waiting to start a new job in the next 30 days
If the value that consumers place on the 100th unit of chocolate is $5, and the value of the resources used to produce that 100th unit is $2, to achieve an efficient allocation of resources
a. a $3 externality associated with chocolate production must be generated b. a $3 externality associated with chocolate production must be eliminated c. less resources should be allocated to chocolate production d. more chocolate should be produced e. less chocolate should be produced
The short-run supply curve in a competitive market must be more elastic than the long-run supply curve
a. True b. False Indicate whether the statement is true or false