If the firms hires 5 workers, the average variable costs equals
a. $10
b. $100
c. $800
d. Need more information
c
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Which of the following is determined using the rule-of-reason analysis?
A) output restrictions B) resale price maintenance C) bid rigging D) market division
What are the conditions for price discrimination?
What will be an ideal response?
Viewed from the perspective of a U.S. beef farmer, gasoline price variability can be viewed as a source of
A. demand and supply variability, because an increase in gasoline costs drive up corn costs and corn is what farmers feed their cattle. B. demand variability, because an increase in gasoline costs drive up corn costs and corn is what farmers feed their cattle. C. static variability. D. supply variability, because an increase in gasoline costs drive up corn costs and corn is what farmers feed their cattle.
A new law applied to a competitive market that requires laid off workers be paid a large severance payment will
A) not generate a deadweight loss. B) increase total welfare. C) increase consumer surplus in the market. D) decrease consumer surplus in the market.