Refer to the table and information below. The average total cost of the firm when 3 units of output are being produced is:
The fixed cost of the firm is $500. The firm's total variable cost is indicated in the table.
A. $350
B. $400
C. $500
D. $700
C. $500
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Which of the following arguments is not offered to explain the existence of "sticky" wages?
A. the explicit contract explanation B. the relative-wage explanation C. the fact that labor contracts don't exist D. the social contract explanation
The cost of producing an additional unit of a good or service that is borne by the producer of that good or service is the marginal
A) external cost. B) private cost. C) social cost. D) public cost. E) None of the above answers is correct.
Trish grows oregano in her backyard to use in her homemade pesto sauce. How is this gardening included in GDP?
a. It is included in real GDP. b. It is included in nominal GDP. c. It is not included in GDP. d. It is included as an intermediate good.
The long-run Phillips curve shows the relationship between
A) real GDP and the natural unemployment rate. B) the nominal interest rate and real interest rate. C) real GDP and potential GDP. D) the inflation rate and the natural unemployment rate. E) the inflation rate and the unemployment rate.