For a hotdog vendor, the hotdog stand represents his
A. diseconomies of scale.
B. fixed input.
C. variable input.
D. none of these.
Answer: B
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Barometric price leadership exists when
A) one firm in the industry initiates a price change and the others may or may not follow. B) one firm imposes its best price on the rest of the industry. C) when all firms agree to change prices simultaneously. D) when one company forms a price umbrella for all others.
A business produces 5,000 units per month. It spends $12,000 on raw materials. It pays wages of $20,000 . Other costs include $50,000 for rent, paid by the month. In order to break even the selling price per unit will have to be:
a. $25.20 b. $16.4 c. $20.30 d. $28
A central bank's setting (or altering) of the money supply is known as
a. open-market operation. b. interest rate policy. c. monetary policy. d. employment policy.
Why might the consumer price index overestimate the cost of health care?
a. The quality of healthcare is declining. b. The quality of healthcare is improving. c. The quality of healthcare is constant. d. The quality of health care is unmeasurable.