Pat's Catering finds that when it caters 20 meals a week, its total cost is $6,000. If Pat has total variable cost of $5,000, what is Pat's total fixed cost?
A) $50
B) $250
C) $1,000
D) $6,000
C
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In the simple Keynesian cross model with no government or foreign sectors, the value of the multiplier is defined as
A) 1/(MPC - 1). B) 1/(1 - MPC). C) 1/(MPC + 1). D) 1/MPC.
If households come to believe that permanent income has not changed ________
A) the impact of a change in taxes on spending will be limited B) they will consume on the basis of their current income C) their life-cycle will be affected D) the impact of a given change in taxes on spending will be enhanced
Max has allocated $100 toward meats for his barbecue. His budget line and an indifference map are shown in the above figure. What happens if Max's mother gives him 10 pounds of burger?
A) Max would have preferred receiving the dollar value of the burger. B) Max is indifferent between this gift and the dollar value of the burger. C) Max prefers this gift to the dollar value of the burger. D) None of the above.
In short-run equilibrium in a perfectly competitive market, firms always make zero economic profit
a. True b. False Indicate whether the statement is true or false