The production and cost information provided in the table above for Flaming Fernando's, a restaurant that sells Fiery Frijoles, is for the
A) short run because there are no variable costs.
B) short run because there is a fixed cost.
C) long run because there are no variable costs.
D) long run because there are no fixed costs.
E) short run and long run because the total cost increases as production increases.
B
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When tariffs on imports are eliminated, everyone benefits.
Answer the following statement true (T) or false (F)
A person's judgments are based on the value meanings derived from feelings, this is known as:
a. Affective domain b. Cognitive domain c. Construct domain d. Clarification construct
Suppose that corn farmers want to increase their total revenue. Knowing that the demand for corn is inelastic, corn farmers should
a. plant more corn so that they would be able to sell more each year. b. increase spending on fertilizer in an attempt to produce more corn on the acres they farm. c. reduce the number of acres on which they plant corn. d. contribute to a fund that promotes technological advances in corn production.
If the demand for hamburgers increases, it is likely that the demand for fast-food employees will
A) increase. B) decrease. C) stay the same. D) increase at first but then fall rapidly.