Suppose that the firm's only variable input is labor. When 50 workers are used, the average product of labor is 50 and the marginal product of labor is 75. The wage rate is $80 and the total cost of the fixed input is $500.What is average variable cost?
A. $10.00
B. $0.63
C. $1.60
D. $3.20
E. none of the above
Answer: C
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Because of unseasonably cold weather, orange crops were destroyed in Florida. This statement indicates that
A. the demand for apple juice will decrease. B. the amount of orange juice will decrease. C. demand for oranges will necessarily rise. D. equilibrium quantity of oranges will rise.
The difference between what a productive resource receives as payment for its use in production and the cost of bringing that resource to the market is called profit
Indicate whether the statement is true or false
The demand curve for a typical good has
a. a negative slope because some consumers switch to other goods as the price of the good rises. b. a negative slope because the supply of the good rises as demand rises. c. a negative slope because the good has less "snob appeal" as its price falls. d. an inverse slope because as the price goes up, the good has more profitability. e. a positive slope because price is a clear indicator of need.
Refer to the information provided in Figure 19.1 below to answer the question(s) that follow. 
Figure 19.1 Refer to Figure 19.1. The employers? tax burden is
A. $2,100. B. $700. C. $1,400. D. $0.