Technically speaking, when the firm's output level is zero, its total revenue equals
a. zero
b. its fixed cost
c. its variable cost
d. its marginal revenue
e. its average revenue
A
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What is the relation between the unemployment rate and the proportion of unemployed workers who have been unemployed for 15 weeks or longer?
A) Both rise in recessions. B) Both rise in expansions. C) The unemployment rises in recessions but the proportion of unemployed workers who have been unemployed for 15 weeks or longer declines in recessions. D) The unemployment falls in recessions but the proportion of unemployed workers who have been unemployed for 15 weeks or longer rises in recessions.
What is the counter-intuitive solution to a mixed strategy?
A) Player A makes Player B indifferent between its strategy choices. B) Player A makes itself indifferent between its strategy choices. C) Player A changes the rules of the game. D) There are no mixed strategies in most games.
The above figure shows an indifference map for a person's choices between leisure and consumption. Derive this person's labor supply curve for wage rates of $5, $10, and $15
What will be an ideal response?
A commodity tax increases gains from trade.
a. true b. false