Summing all of the costs that do NOT change as output varies yields
A) variable costs.
B) fixed costs.
C) implicit costs.
D) explicit costs.
Answer: B
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Suppose a price searcher faces the following demand curve: At $100, $90, $80, $70, and $60, the quantity demanded is 1, 2, 3, 4, and 5 units respectively. If the firm's marginal cost is $40 at any level of output, it would maximize net revenues by
A) producing 5 units and charging $60. B) producing 4 units and charging $70. C) producing 3 units and charging $80. D) producing 2 units and charging $90.
There is a restaurant that employs only males to serve guests, only females to tend the bar, and a mix of male and female cooks and dishwashers. The dishwashers and cooks never come in contact with the customers. This hiring pattern is most indicative of ________ discrimination.
A. customer B. racial C. statistical D. employee E. employer
An announcement that smoking will harm your ability to think clearly will most likely result in:
A) an increase in the quantity of cigarettes demanded. B) a decrease in the demand for cigarettes. C) no change in smoking habits. D) an increase in the equilibrium price of cigarettes.
As a result of our ____________ incomes and ____________ wants, it is in our self-interest to economize or pick and choose goods and services that maximize our satisfaction.
a. limited; finite b. unlimited; insatiable c. limited; insatiable d. scarce; satiable