Recall the Application about the shutdown price for coal to answer the following question(s).Recall the Application. Because the higher cost of keeping workers safe was the reason why 4 West Mine was shut down, then those costs are considered a part of:
A. variable costs.
B. fixed costs.
C. total revenues.
D. marginal revenues.
Answer: A
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When tastes are not quasilinear, the positive economist will introduce error into the analysis if he uses the uncompensated (rather than the compensated) demand curve to predict behavior.
Answer the following statement true (T) or false (F)
The income effect of a price increase causes a decrease in the quantity of a normal good demanded
Indicate whether the statement is true or false
In a free trade area, member nations have no trade barriers among themselves, but are free to set their own trade policies toward nonmembers
a. True b. False Indicate whether the statement is true or false
Based on the idea of opportunity cost, which of the following students would be most likely to drop out of college before completing their degree?
a. a senior mathematics major with a solid B average b. a junior physical therapy student who has just read about the fantastic job offers available to students with degrees in her area c. a star college football player in his junior year that just received a $5 million offer from a professional team d. a junior economics major who wants to attend graduate school