A firm will stay in business if _________ are greater than _________; a firm will go out of business if _________ are greater than __________.
Fill in the blank(s) with the appropriate word(s).
total revenue; total cost; total costs; total revenue.
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Assume that you know the following cost information about Fred's widget company: Its fixed cost is $9, and its total variable cost is $6 for 1 unit; $11 for 2; $ 15 for 3; 20 for 4; and 26 for 5 . Given the above information, a. the marginal cost of providing the second unit is $5. b. the total cost of producing 4 units is $29
c. the average total cost of producing five units is $7. d. all of the above are true.
When the money market is drawn with the value of money on the vertical axis, as the price level increases which of the following increases?
a. the quantity of money demanded and the quantity of money supplied b. the quantity of money demanded but not the quantity of money supplied c. the quantity of money supplied but not the quantity of money demanded d. neither the quantity of money supplied nor the quantity of money demanded
Answer the following questions true (T) or false (F)
1. It is not possible to have a comparative advantage in producing a good or service without having an absolute advantage. 2. If Abigail can make more candles in one day than Pierre, then Abigail has an absolute advantage in making candles. 3. If a country produces only two goods, it is possible to have an absolute advantage in the production of both goods.
The economic surplus of an action is:
A. the money a person has left over after taking an action. B. the difference between the benefit and the cost of taking an action. C. the difference the explicit and implicit costs of taking an action. D. the benefit gained by taking an action.