(Consider This) Past costs that are not affected by new decisions are known as:
A. variable costs.
B. fixed costs.
C. marginal costs.
D. sunk costs.
Answer: D
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In the above figure, when the firm produces output corresponding to point c, the firm's marginal cost
A) is less than its marginal revenue. B) equals its marginal revenue. C) exceeds its marginal revenue. D) equals its average revenue.
Of the types of business organizations in the United States, partnerships account for the ________ percentage of firms and ________ percentage of profits
A) smallest; neither the largest nor smallest B) smallest; the smallest C) largest; the smallest D) largest; neither the largest nor smallest
The slope of the line from the origin to a given point on the curve equals
A) the increase in output. B) the change in input divided by the change in output. C) the average product of the input. D) the marginal product of the input.
The total lag for fiscal policy tends to be shorter than the total lag for monetary policy
a. True b. False Indicate whether the statement is true or false