Production is the process by which
A. resources are transformed into useful forms.
B. resources are allocated and distributed.
C. products are used by consumers.
D. products are converted into capital.
Answer: A
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A firm's fixed cost divided by its level of output is equal to its:
A. variable cost. B. start-up cost. C. explicit cost. D. average fixed cost.
In a monopsonistic market
A) employment is lower but wages are higher than in a comparable competitive market. B) employment is higher but wages are lower than in a comparable competitive market. C) both employment and wages are higher than in a comparable competitive market. D) both employment and wages are lower than in a comparable competitive market.
An identified pollutant that is well understood by scientists is called
a. a toxic pollutant b. a conventional pollutant c. a nonconventional pollutant d. none of the above
Refer to the above table. What is the total labor cost for 11 workers?
Monopsonist's employment schedule.
A. $100
B. $150
C. $198
D. $220