What is an example of a variable cost in a major league baseball franchise?
a) stadium rent
b) manager's salary
c) stadium maintenance
d) ticket-takers' salaries
Ans: d) ticket-takers' salaries
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According to your textbook, changes in supply and demand reflect changes in
A) society's overall welfare. B) the plans that buyers and sellers are making. C) the overall efficiency of the market. D) government policy. E) None of the above.
What do demand and marginal revenue curves look like in monopolistic competition? How do they compare to the demand and marginal revenue curves in perfect competition and monopoly?
What will be an ideal response?
Alan's Roast House sells roasted peanuts in a competitive market. The firm employs labor ata wage rate of $6 per hour and rents capital for $15 per hour
At its current level of labor and capital, the marginal product of labor is 12 and the marginal product of capital is 40 . Is the firm currently maximizing profit? Explain.
Under a negative income tax program, if a minimum income is set at $16,000 for a family of four and the tax rate is 25%, a family earning $8,000 would have an after tax income of
a. $16,000 b. $8,000 c. $22,000 d. $6,000 e. $12,000