The accompanying table shows a pizzeria's fixed cost and variable cost at different levels of output. Pizzas sell for $20 each.Number of Pizzas Per DayFixed Cost ($/Day)Variable Cost ($/Day)050002550015050500250755004501005008501255001,650 When the pizzeria makes 100 pizzas per day, it earns an economic ________ of ________.
A. loss; $500
B. loss; $650
C. profit; $650
D. profit; $1,150
Answer: C
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Refer to Table 17-1. If the output price is $3, what is the marginal revenue product of the fifth unit of labor?
A) $1,050 B) $360 C) $210 D) $150
An increase in the cost of training to acquire a skill, which must be paid by the worker,
a. increases both the supply of and demand for labor in that market b. decreases both the supply of and demand for labor in that market c. increases the supply of labor and decreases the demand for labor in that market d. decreases the supply of labor and increases the demand for labor in that market e. decreases the supply of labor only in that market
Although it has considerable political independence, the Fed is legally a branch of the U.S. Treasury Department
a. True b. False Indicate whether the statement is true or false
Quotas are a much greater threat to competition than are tariffs because quotas preclude additional imports at any price.
Answer the following statement true (T) or false (F)