How are sunk costs and fixed costs related?
A) In the long run they are equal to each other.
B) In the short run they are equal to each other.
C) They are not related in any way.
D) Sunk costs cannot be recovered and fixed costs can be avoided by shutting down.
B
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Rank the following goods from most elastic to least elastic: The Economic Way of Thinking (11th ed.), economics textbooks, textbooks
A) The Economic Way of Thinking (11th ed.), economics textbooks, textbooks B) The Economic Way of Thinking (11th ed.), textbooks, economics textbooks C) Economics textbooks, The Economic Way of Thinking (11th ed.), textbooks D) Textbooks, economics textbooks, The Economic Way of Thinking (11th ed.) E) None of the above.
Which of the following is NOT an injection?
A) The state of Illinois builds a new courthouse. B) Kansas farmers sell 1 million bushels of wheat to Russia C) The Smithsonian Institute purchases Chris Evert Lloyd's tennis racket. D) An accountant purchases a new personal computer for use in his office.
In the market for labor, the demand function describes
A. the output of workers who are paid a given wage. B. the demand for the firm's output. C. the number of workers who are willing to work at each wage. D. the number of workers a firm is willing to hire at each wage.
Which formula below best expresses the real interest rate, (r)?
A. i = r - ?e B. r = i - ?e C. r = i + ?e D. ?e = i + r