Which of the following is most likely to be a fixed cost?
A. Shipping charges
B. Wages for unskilled labor
C. Property insurance premiums
D. Expenditures for raw materials
Answer: C
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Quantity demanded means
A) demand. B) the amount of a good customers need. C) the amount of a good customers ultimately desire. D) the amount of a good customers plan to purchase at a given price. E) the amount of a good suppliers plan to sell.
An incentive is:
A. the marginal cost of engaging in a course of action. B. the marginal benefit of engaging in a course of action. C. something that causes people to behave in a certain way by changing trade-offs they face. D. rational behavior that involves thinking on the margin.
Which of the following is a correct definition of marginal cost (MC)?
a. It is the added cost that results from hiring one more employee. b. It is the increase in the average cost that results from producing one more unit of a good. c. It is the decrease in profits that results from selling another unit of a good. d. It is the cost per unit of a good produced -- i.e., total cost divided by quantity. e. It is the added cost that results from producing one more unit of a good.
Public education in the United States is
A) subsidized mainly by state and local governments. B) funded by the federal government only. C) paid for mostly by the parents of students. D) paid for through the Social Security program.