Notice the costs as given in the table below. What is the total fixed cost in the table below?
A. $0
B. $9
C. $5
D. $10
Answer: D
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Which of the following approaches to understanding and predicting consumer behavior provides the most insight into how consumers can be expected to respond in an actual market setting?
A) Test marketing. B) Conjoint analysis. C) Analysis of historical data. D) Expert opinion.
Workers in American industry are more productive than those in many other countries because of
a. the large supplies of machinery available. b. abundant natural resources. c. technical know-how. d. All of the above contribute to American worker productivity.
Which of the following is not correct about most economic models?
a. They are composed of equations and diagrams. b. They contribute very little to economists' understanding of the real world. c. They omit many features of the real-world economy. d. In constructing models, economists make assumptions.
An industry with a concentration ratio of 50 would have at least _____ firms.
A. 4 B. 5 C. 8 D. 14