The Lawn Ranger, a landscaping company, has total costs of $4,000 and total variable costs of $1,000. The Lawn Ranger's total fixed costs are
A. $0.
B. $3,000.
C. $5,000.
D. indeterminate because the firm's output level is not known.
Answer: B
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The marginal revenue curve for a single-price monopoly
A) is horizontal. B) is upward sloping. C) lies above the market demand curve. D) lies below the market demand curve.
Refer to Scenario 17-1. Following the passage of comparable worth legislation, Unity College responds by placing salaries for all assistant professors at $80,000. Which of the following is the result of the legislation?
A) The demand for English professors decreases; the market for business professors is not affected. B) There will be a surplus in the market for English professors and the market for business professors will not be affected. C) The supply of English professors increases; the market for business professors is not affected. D) There will be a surplus in the market for English professors and a shortage in the market for business professors.
If price increases and the quantity purchased increases, we know that
A) supply increased. B) supply decreased. C) demand increased. D) demand decreased.
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In Exhibit 3-11, in Panel A the movement from point A to point B describes a(n):
A. increase in demand and an increase in the quantity supplied. B. increase in the quantity demanded and an increase in supply. C. decrease in demand and a decrease in the quantity supplied. D. decrease in the quantity demanded and a decrease in supply.