Labor cost on an average accounts for about ________ percent of the total cost of production
a. 10
b. 30
c. 50
d. 70
d
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Consumer Reports magazine benefits consumers by
a. increasing the marginal benefit of information b. reducing the marginal benefit of information c. reducing the marginal cost of information d. increasing the marginal cost of information e. showing which products are in vogue
The marginal firm in a competitive market will earn zero economic profit in the long run
a. True b. False Indicate whether the statement is true or false
The sale of __________ goods is omitted from current GDP because __________
A) intermediate goods; these goods do not constitute production B) used goods; these goods were counted in an earlier year C) illegal; these goods do not constitute economic value D) b and c E) a, b, and c
Suppose a monopolist faces the demand curve shown below. 
If the monopolist's marginal cost is constant and equal to $30, its profit-maximizing level of output is:
A. 50 units. B. 30 units. C. 40 units. D. 20 units.