Refer to the information provided in Figure 9.1 below to answer the question(s) that follow. 
Figure 9.1Refer to Figure 9.1. This farmer's fixed costs are
A. $0.
B. $24.
C. $45.
D. indeterminate unless we know the level of output the firm is producing.
Answer: B
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Answer the next question based on the following information for Manfred's Shoe Shine Parlor.Units of LaborTotal ProductMarginal ProductTotal Revenue00 11414$422 10 330 90435 539 1176 1267442132Assume Manfred hires labor, its only variable input, under purely competitive conditions. Shoe shines are also sold competitively. How many units of output are produced when 2 workers are employed?
A. 10. B. 16. C. 24. D. 4.
Refer to Table 11.1. What is the value of GDP?
A) $7,450. B) $7,250. C) $7,150. D) $7,350.
Suppose that the price of butter is $3 per pound and the price of margarine is $2 per pound. If the price of butter rises to $3.90 and the price of margarine rises to $2.20, then the absolute price of butter has _______________ and the relative price of butter has _______________
A) risen; fallen B) fallen; risen C) risen; risen D) fallen; fallen
Suppose consumer income increases. If grass seed is a normal good, the equilibrium price of grass seed will
a. decrease, and producer surplus in the industry will decrease.
b. increase, and producer surplus in the industry will increase.
c. decrease, and producer surplus in the industry will increase.
d. increase, and producer surplus in the industry will decrease.