If a firm produces 8 units of output with average fixed cost=$40 and average variable cost=$25, what is its total fixed cost?
a. $650
b. $1,000
c. $200
d. $320
d
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Refer to the Article Summary. The article addresses proposed British education reform by way of a completely revised public school system to improve the talent and experience of students
If these reforms lead to a more skilled and better trained public, the British economy would experience A) an increase in human capital. B) an increase in comparable worth. C) a decrease in compensating differentials. D) an increase in the supply of labor.
What is the best way to describe aggregate demand?
A) quantity required to satisfy equilibrium B) exports decrease; imports increase C) amount of a country's goods and services demanded by household and firms throughout the world D) individual's demand E) domestic demand of foreign imports.
If you have a choice between consuming bundle X or bundle Y, the opportunity cost of consuming bundle X is bundle Y
a. True b. False Indicate whether the statement is true or false
Which of the following is an example of natural monopoly?
A. a market for cable TV services B. a market for breakfast cereals C. a market for cold medicines D. a market for cigarettes