Fill in the table. Assume the fixed cost is $300.
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When we assume that consumers want to pay the lowest price possible, we assume that consumers are:
A. cheap. B. deceitful. C. rational. D. informed.
A feedback from low real wages to low productivity could be caused by
A) an increase in the labor force caused by more immigration. B) a reduction in the power of labor unions. C) a reduction in the real minimum wage. D) increased worker anxiety about job security. E) all of the above.
When there are barriers to entry, a profit-maximizing firm already in the industry can charge any price it wants, even in the long run
a. True b. False
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point A to Point E, the opportunity cost of motorcycles, measured in terms of hybrid cars
A. remains constant. B. decreases. C. initially increases, then decreases. D. increases.