If you go to the movies on Thursday night, the only cost to you is the price you pay for the movie ticket.
Answer the following statement true (T) or false (F)
False
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In the short run, which are most important in determining changes in output?
a. marginal costs and marginal revenue. b. total costs and total revenue. c. average costs and total revenue. d. fixed costs.
Suppose that an accounting firm with 10 employees hires another accountant. By doing so, it goes from serving 30 customers each week to serving 32 customers each week. What is the marginal product of labor for the new accountant?
A. 2 B. 10 C. 32 D. 62
New classical economists believe that monetary and fiscal policies are never effective
Indicate whether the statement is true or false
The figure above shows a perfectly competitive firm. The firm is operating; that is, it has not shut down. The firm produces
A) 20 units of output and makes zero economic profit. B) 20 units of output and incurs an economic loss. C) 10 units of output and makes zero economic profit. D) 10 units of output and incurs an economic loss.