To determine total cost, the businessperson must know
a. input quantity and output price.
b. output quantity and output price.
c. output quantity and input price.
d. input quantity and input price.
d
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The principle of comparative advantage explains specialization and trade among countries but not among individuals.
Answer the following statement true (T) or false (F)
Answer the next question based on the following information for Manfred's Shoe Shine Parlor.Units of LaborTotal ProductMarginal ProductTotal Revenue00 11414$422 10 330 90435 539 1176 1267442132Assume Manfred hires labor, its only variable input, under purely competitive conditions. Shoe shines are also sold competitively. How many units of output are produced when 2 workers are employed?
A. 10. B. 16. C. 24. D. 4.
In order for bubbles to occur, expectations of a price increase usually_______demand and ______supply
a. Increases; Increases b. Increases; Decreases c. Decreases; Increases d. Decreases; Decreases
The consumption of fixed capital in each year's production is called ________.
A. net investment B. depreciation C. indirect business taxes D. inventory reduction