Variable costs are zero when quantity is zero because variable costs ______.
a. are the same regardless of output
b. are not incurred without production
c. are not used to calculate total costs
d. are implicit and cannot be quantified
b. are not incurred without production
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Given the information in Figure 14.4, the competitive wage rate is:
A) W1. B) W2. C) W3. D) W4. E) none of the above
Which of the following is the most likely outcome of raising the minimum wage?
a. an increase in both the quantity of labor supplied by workers and the quantity of labor demanded by firms b. an increase in the quantity of labor supplied by workers and a decrease in the quantity of labor demanded by firms c. a decrease in the quantity of labor supplied by workers and an increase in the quantity of labor demanded by firms d. a decrease in both the quantity of labor supplied by workers and the quantity of labor demanded by firms
Braden says that $400 saved for one year at 4 percent interest has a smaller future value than $400 saved for two years at 2 percent interest. Lefty says that the present value of $400 to be received one year from today if the interest rate is 4 percent exceeds the present value of $400 to be received two years from today if the interest rate is 2 percent
a. Braden and Lefty are both correct. b. Braden and Lefty are both incorrect. c. Only Braden is correct. d. Only Lefty is correct.
Monopolists earn excessive profits by increasing their quantity produced above the competitive market outcome.
Answer the following statement true (T) or false (F)