Table 21.2Output (units per day)0102030Total cost (dollars per day)$40$54$62$80At 10 units of output in Table 21.2, the total fixed cost is
A. $54.
B. $40.
C. $44.
D. $14.
Answer: B
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Discuss the short-run and long-run views of PPP. Make sure that you explain the underlying adjustment mechanism and theoretical reasoning for each view when answering the question
Which view, do you think, is more likely to represent the real world?
An unexpected drop in the growth rate of the CPI should send bond prices __________ and stock prices __________
A) up; up B) up; down C) down; up D) down; down
Based on the graph showing the market for loanable funds, at a real interest rate that is higher than equilibrium, the quantity of loanable funds supplied is ______.
a. equal to the quantity of loanable funds demanded
b. less than the quantity of loanable funds demanded
c. greater than the quantity of loanable funds demanded
d. closer to the quantity of loanable funds demanded than at equilibrium
Which of the following scenarios would support the theory of public choice?
A. A college president eliminates wasteful departments and programs even though this will shorten her tenure and her political future. B. The president of Colombia goes after drug traffickers despite death threats and the offer of bribes that could make him a rich man. C. The governor of the state vetoes a highway bill even though the highway would enhance the value of property he or she owns. D. The local police chief fails to give the mayor a speeding ticket because the mayor might fire him.