Which of the following is most likely to be a variable cost in the short run?
a. A fee paid to obtain a license.
b. The cost of owning machinery.
c. The energy costs of running a factory.
d. Rent payments for office space.
c. The energy costs of running a factory.
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Necessities such as food and shelter have inelastic demand.
Answer the following statement true (T) or false (F)
Compared to a proprietorship, a disadvantage of a partnership is
A) that profits are taxed twice. B) that it is harder to keep the firm going after the death of an owner. C) unlimited liability. D) that potential liability to each partner is greater.
Explain how the gold standard operated
What will be an ideal response?
If successive units of a good are consumed, the marginal utility gained typically:
A. increases at the same rate for all people. B. increases at different rates for different people. C. decreases at the same rate for all people. D. decreases at different rates for different people.