The cost valuations for a product are gut feelings that occur:
A. after marginal thought.
B. instantaneously.
C. after careful thought.
D. after conscious weight is given to the perceived benefit of the product.
Answer: B
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Statistics show that 77% of all education majors are ________ and 81% of all social workers are ________
A) men; men B) men; women C) women; men D) women; women
The short-run shutdown price occurs where price equals
A) MC. B) AVC at any point. C) AVC at the minimum point. D) AFC at the minimum point.
Under rent control, landlords cease to be responsive to tenants' concerns about the quality of the housing because
a. with shortages and waiting lists, they have no incentive to maintain and improve their property. b. they become resigned to the fact that many of their apartments are going to be vacant at any given time. c. with rent control the government guarantees landlords a minimal level of profit. d. with rent control it becomes the government's responsibility to maintain rental housing.
Total fixed costs:
A. are zero when no output is produced. B. are positive even when no output is produced. C. increase as output increases. D. decrease as output increases.