Of all the payments made to factors of production in the United States in 2013, ____ received the lowest share
a. land rents
b. labor
c. interest payments
d. corporate profits
c
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If the supply of bottled water decreases and at the same time the demand for bottled water increases, the equilibrium price ________ and the equilibrium quantity ________
A) might rise, fall, or stay the same; decreases B) might rise, fall, or stay the same; increases C) falls; increases D) rises; might increase, decrease, or stay the same
Which of the following best describes average variable cost?
a. The change in total cost when one additional unit of output is produced. b. Total cost divided by the quantity of output produced. c. Total variable cost divided by the quantity of output produced. d. Total fixed cost divided by the quantity of output produced. e. Costs that do not vary as output varies.
Suppose the fixed cost of building a nuclear power plant is $1 billion. Suppose also that the only variable cost is the labor of Homer Simpson, and he earns $10 per hour. If the plant generates 1,000 kilowatts each hour, and has already generated 1 billion kilowatts, what can you say about the marginal cost of the next kilowatt?
a. The marginal cost is equal to $10 . b. The marginal cost is equal to $.01. c. The marginal cost is equal to $1.01. d. The marginal cost is rising. e. The marginal cost is falling.
When the optimal quantity of consumption is zero for a given good:
A. changing social norms is often the best solution. B. a ban is often the best solution. C. privatizing the good is often the best solution. D. government provision of the good is often the best solution.