The demand for a good or service is called a derived demand because it is derived from the demand for the factors of production that produce this good or service
Indicate whether the statement is true or false
FALSE
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Labor productivity typically rises when ________
Fill in the blank(s) with the appropriate word(s).
When firms price discriminate they
A) sell to new consumers who would not have bought at the profit-maximizing uniform price but lose sales to existing consumers because of the higher prices. B) sell to new consumers that would not have bought at the profit-maximizing uniform price. C) lose surplus from consumers who would have bought at the profit-maximizing uniform price. D) None of the above.
A purely competitive firm should produce in the short run if its total revenue is sufficient to cover its:
A. total variable costs. B. total costs. C. total fixed costs. D. marginal costs.
Recall the Application about the manufacture of fake killer whales used to scare sea lions off the Washington coast to answer the following question(s).Recall the Application. If a fake killer whale to be used to scare sea lions away from steelhead and other threatened and commercially valuable species cost $11,000 for the mold and $5,000 for materials for each fake killer whale made, then the fixed cost of producing a fake killer whale is:
A. $5,000. B. $16,000. C. $11,000. D. $21,000.