Refer to the above data. We can infer that, at zero output, this firm's total fixed, total variable, and total costs are
A. zero, zero, and zero, respectively.
B. zero, $25, and $175, respectively.
C. $150, $25, and $175, respectively.
D. $150, zero, and $150, respectively.
Ans: D. $150, zero, and $150, respectively.
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Which of the following ideas of Adam Smith has religious overtones?
A. Comparative advantage B. Aggregate demand C. Perfect competition D. Rational expectations E. Invisible hand
The wheat growing industry consists of very many farmers producing identical products. The market structure that best fits the wheat growing industry is probably
A) perfect competition. B) monopolistic competition. C) monopoly. D) oligopoly.
Suppose that firms are located in a circle on an island. You are given transportation costs, fixed costs, variable costs, and demand (assume that customers are spread evenly along the circle). As the number of customers increase,
A. the number of firms will rise in the long run. B. the number of firms will stay the same in the long run. C. the number of firms will fall in the long run. D. It is impossible to tell from the information given
Relating to the Economics in Practice on page 374: Considerable evidence suggests that recently in the United States,________ has increased and ________ has stagnated.
A. the real wage for women; the real wage for men B. the real wage; the nominal wage C. the nominal wage of the average worker; executive compensation D. executive compensation; the real wage of the average worker