A firm sells 30 units of its product at a price of $5 per unit. It incurs a fixed cost of $100 and a variable cost of $20. The firm's profit is:
A) $30.
B) $50.
C) $100.
D) $150.
A
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Assuming a long-run aggregate supply curve, a decrease in taxes results in ________ in output and ________ in price level
A) no change; an increase B) an increase; no change C) a decrease; a decrease D) no change; a decrease
In the long run, the price level in an economy is determined solely by _____
Fill in the blank(s) with the appropriate word(s).
Which of the following does not influence the price elasticity of demand?
A. The length of time. B. The availability of substitutes. C. Costs of production. D. The price of the item relative to the consumer's budget.
Medical insurance covering routine medical care became common:
A. starting in the 1990s. B. around 1900. C. starting after World War II. D. in the 1920s.