For the Fall semester, you had to pay a nonrefundable fee of $600 for your meal plan, which gives you up to 150 meals. If you eat all of the meals, your average cost for a meal is:
A. $5.
B. $4.
C. $6.
D. $0.25.
Answer: B
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The market supply curve for labor is
A) perfectly inelastic if leisure is an inferior good. B) determined by adding up the quantity of labor supplied by each worker at each wage, holding constant all other variables that affect the willingness of workers to supply labor. C) determined by adding up the wages each worker is willing to work for at a given quantity supplied, holding constant all other variables that affect the willingness of workers to supply labor. D) derived from the market supply curve for the output produced with labor.
Which of the following is a way online retailers might use compartmentalizing to get customers to spend more than they might otherwise spend?
a. Offer free shipping but only if a customer spends a certain amount. b. Issue refunds for returns in the form of a gift card. c. Display customer reviews but prioritize the good reviews. d. Give easy access to customer support agents who double as sales agents.
Average fixed costs diminish continuously as output increases.
Answer the following statement true (T) or false (F)
An input is indivisible if:
A. it cannot be increased to produce a larger quantity of output. B. it cannot be used as a substitute for other inputs in the production process. C. it is sufficiently inexpensive to purchase that firms will want to buy as much as they can. D. it cannot be scaled down to produce a smaller quantity of output.