A good that is perfectly standardized is:
A. indistinguishable to others in the market.
B. fairly close to others in the market.
C. determined to be the same by government.
D. likely to be interchangeable with others in the market.
Answer: A
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The demand for an input used in a fixed proportions technology
A) is identical to the demand for the other inputs. B) is greater than the demand for the end product itself. C) lies below the demand for the end product itself. D) is the same as the demand for the end product itself.
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is Qs = 0.02W - 200, where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the coal mine's marginal expenditure function?
A. ME = 50Q + 10,000 B. ME = 100Q + 10,000 C. ME = 200Q + 500 D. ME = 250Q + 500
Rational ignorance helps explain why
a. legislators often trade votes on key issues to produce positive-sum games between them b. legislators usually disregard the desires of those constituencies that cannot influence their chances for reelection c. voters spend considerable time and effort to gather information to protect themselves against legislators with hidden agendas d. it is rational for legislators to ignore the wishes and desires of all of their constituents e. voters may choose to remain ignorant of issues when there are large costs associated with becoming informed
Jackson's Auto Body calculates that its total fixed costs are $3,000 per month. In a month in which the company repairs 20 cars, it finds that its total costs are $12,000 . From this, we can conclude
a. total monthly cost is $15,000 b. marginal cost is $600 c. average fixed cost is $60 d. average variable cost is $450 e. the costs are too high so the company should shut down