Labor cost on an average accounts for about _____ percent of the total cost of production
a. 10
b. 30
c. 50
d. 70
e. 98
d
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Advertising by the monopolist
a. is not done because the monopolist has the only supply of the product and doesn't need to advertise. b. would have the effect of shifting its demand curve to the left. c. may lead to expanded production by the monopolist. d. makes no sense because there are no substitute commodities available to consumers.
Suppose Congress increases income taxes. This is an example of
A) expansionary fiscal policy. B) expansionary monetary policy. C) contractionary fiscal policy. D) contractionary monetary policy.
Cannon Mills used to be virtually the only employer in Kannapolis, North Carolina. What is the name for a single hirer of labor, and how do wages and the number of jobs available compare to a competitive labor market?
What will be an ideal response?
Suppose that you sign up for a one-day cooking class at the local culinary school for $75. Once you arrive at the class, you discover that you must purchase an apron for an additional $5. In this situation, the additional $5 you pay for the apron is an example of
A. an inefficient cost. B. opportunity cost. C. an economic loss. D. marginal cost.