When a firm produces 1000 widgets with total cost of $2000 and fixed cost of $1000, what is the average variable cost?
A) $2
B) $1
C) $0.50
D) $0.20
B
You might also like to view...
Suppose the equilibrium price and quantity of ketchup fall. The most likely explanation for these changes is:
A. an increase in the supply of ketchup. B. a decrease in the demand for ketchup. C. an increase in the demand for ketchup. D. a decrease in the supply of ketchup.
Which of the following is true when there is excess demand for a product in a market?
a. Price must be above the equilibrium price. b. Price will tend to fall. c. Producers will reduce output and sales will fall. d. Price must be below the equilibrium price.
In a country with 200 million people aged 16 years and older, 120 million are in the labor force, and 114 million are employed, what is the participation rate?
A. 40 percent B. 95 percent C. 57 percent D. 60 percent
Macroeconomics is best described as the study of:
A. very large issues. B. the choices made by individual households, firms, and governments. C. the nation's economy as a whole. D. the relationship between inflation and wage inequality.