The above table shows the per day total cost for Kiley's Baseball Glove Company. Each glove is priced at $50 and Kiley's Baseball Glove Company is a perfectly competitive firm
Between which two amounts of output does Kiley's Baseball Glove Company make an economic profit? A) 0 and 8
B) 1 and 8
C) 2 and 7
D) 3 and 6
D
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The point that each glass of lemonade consumed on a hot day brings lower and lower levels of satisfaction is known as the principle of
A) total benefits. B) increasing marginal cost. C) decreasing marginal benefit. D) increasing opportunity cost. E) decreasing marginal price.
Refer to Figure 11-6. In the figure above which letter represents the average variable cost curve?
A) A B) B C) C D) D
The gap between average total cost and average variable cost:
a. is constant at all ranges of output. b. is high at high levels of production. c. declines as output expands. d. depends on the production technology.
In the taste-for-discrimination model:
A. a decline in discrimination will reduce the actual African-American-white wage ratio. B. an increase in collective discrimination coefficients of employers will reduce the demand for African-American workers, decrease the African-American wage, and increase African- American employment. C. firms that discriminate will have lower costs than firms that do not discriminate. D. competitive forces will tend to reduce discrimination in the very long run.