Social Security is an example of a(n)
a. annuity
b. public payment
c. exclusive payment
d. merit payment
e. transfer payment
E
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Which of the following is TRUE of trends in the number of new U.S. patents?
A) There was a steady increase in new patents throughout the 1970s. B) The number of new patents granted each year has remained unchanged since the early 1970s. C) The number of new patents granted each year declined by more than 50 percent after 2001. D) There was a surge in new patents in the latter part of the 1990s.
Suppose a perfectly competitive industry is in long-run equilibrium. If a decrease in demand leads to a higher long-run price, we know that
A) this is a decreasing-cost industry. B) this is an increasing-cost industry. C) some firms will be losing money in the long run. D) after further adjustments, price will fall to its original level.
Cash payments to a steel mill for steel used in production would be an example of:
a. sunk costs. b. fixed costs. c. explicit costs. d. implicit costs. e. entrepreneurial costs.
Answer the next question on the basis of the following data.OutputTotal Cost0$24133241348454561669The average fixed cost of producing 3 units of output is
A. $6.00. B. $7.40. C. $8.00. D. $5.50.