Suppose that the total fixed cost of producing five sailboats is $4,000 . total variable cost is $4,000 . and the total cost of producing six sailboats is $10,000 . The marginal cost of the sixth sailboat is:
a. $2,000.
b. $4,000.
c. $8,000.
d. $10,000.
e. $6,000.
a
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Studies have shown that in the 1980s the wage gap between college-educated workers and those with high school education or less
A. decreased dramatically. B. decreased slightly. C. remained unchanged. D. widened dramatically.
Black markets are associated with:
A. price floors and the resulting product surpluses. B. price floors and the resulting product shortages. C. ceiling prices and the resulting product shortages. D. ceiling prices and the resulting product surpluses.
Why is academic decision making different from decision making within firms?
What will be an ideal response?
A 25% decrease in the price of breakfast cereal leads to a 20% increase in the quantity of cereal demanded. As a result: a. total revenue will decrease
b. total revenue will increase. c. total revenue will remain constant. d. the elasticity of demand will increase.