Refer to Figure 8.3. What is the average cost of producing 290 units of output?
A. $9
B. $2,500
C. $8.62
D. $7.77
C. $8.62
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Car insurance and cars are complements. If the price of car insurance increases, the
A) demand for cars decreases. B) demand for cars increases. C) quantity of cars demanded decreases. D) quantity of cars demanded increases. E) More information is needed to determine if the demand increases or decreases.
The economic way of thinking assumes people, including Mother Teresa, Jack the Ripper, Henry VIII, and Hilary Rodham Clinton, act on the basis of
A) greed. B) altruism. C) terror. D) the projects they are interested in.
In investment matters, generally young workers compared to older workers will:
A. be more risk-averse. B. be less risk-averse. C. have equal concern for expected return and variability. D. minimize expected return and focus more on variability.
Accounting costs represent
A. explicit costs paid by the firm. B. both sunk and future costs. C. long run costs only. D. opportunity costs.