The vertical distance between the total cost curve and the total variable cost curve reflects
a. profit per unit.
b. total fixed cost.
c. marginal cost.
d. the principle of diminishing marginal returns.
b. total fixed cost.
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In what industrial sector are children most likely to be working?
What will be an ideal response?
Households are vital to the circular flow model in what two ways?
A. They supply factors of production and purchase goods and services. B. They export goods and services and import goods and services. C. They vote for political officers and pay taxes. D. They facilitate exchange between consumers and firms.
A stock's dividend yield is the
a. dividend as a percentage of the price per share. b. stock price as a percentage of the dividend. c. dividend as a percentage of the retained earnings per share. d. retained earnings per share as the percentage of the dividend.
A market has four individuals, each considering buying a grill for his backyard. Assume that grills come in only one size and model. Abe considers himself a grill-master, and finds a grill a necessity, so he is willing to pay $400 for a grill. Butch is a meat-lover, honing his grilling skills, and is willing to pay $350 for a grill. Collin just met the girl of his dreams, and she loves a good grilled steak, so in his effort to impress her he is willing to pay $320 for a grill. Daniel loves grilled shrimp and thinks it might be cheaper in the long run if he buys a grill instead of eating out every time he wants grilled shrimp, so he is willing to pay $200 for a grill. If the market price of grills is $320, given the scenario described, Abe's consumer surplus would be:
A. $350. B. $400. C. $320. D. $80.