Variable costs increase when output rises.
Answer the following statement true (T) or false (F)
True
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Which of the following is most likely to be an implicit cost for Company X?
A. Rental payments on IBM equipment B. Transportation costs paid to a nearby trucking firm C. Forgone rent from the building owned and used by Company X D. Payments for raw materials purchased from Company Y
In the loanable funds market, what will change to eliminate a shortage of loanable funds and how is the shortage eliminated?
What will be an ideal response?
Any risk-averse individual would always
A) take a 10% chance at $100 rather than a sure $10. B) take a 50% chance at $4 and a 50% chance at $1 rather than a sure $1. C) take a sure $10 rather than a 10% chance at $100. D) take a sure $1 rather than a 50% chance at $4 and a 50% chance at losing $1. E) do C or D above.
If a monopolist lowers its price
A) it lowers the barriers to entry. B) the quantity demanded increases. C) the quantity demanded remains the same. D) the quantity demanded decreases.