Which of the following statements is true regarding the costs associated with owning and operating an automobile?
What will be an ideal response?
Ans: Fixed costs include insurance and variable costs include gasoline.
You might also like to view...
The trade-to-GDP ratio for the United States reached its lowest point of the last 100 years
A) around 1900. B) around 1970. C) around World War II. D) around World War I. E) around 2008.
When a society decides to increase its quantity of physical capital, the society
a. can avoid the usual need to face trade-offs. b. is apparently not very concerned about its rate of economic growth in the future. c. is in effect deciding to consume fewer goods and services in the present. d. is in effect deciding to save less of its current income in the present.
The demand for Sparkle cell phones increases significantly. The supply for this product also increases, but not as much as the demand does. Considering this, the price of the cell phones would most likely ______.
a. decrease b. increase c. remain constant d. become indeterminate
This table shows individual demand schedules for a market.Price of GoodBarney's DemandBetty's Demand$0.002023$0.501818$1.001611$1.50148$2.00126$2.50105According to the table shown, what will the equilibrium price be in this market?
A. $2.00 B. $0.50 C. $1.50 D. Cannot be determined without more information.