The accompanying table shows a pizzeria's fixed cost and variable cost at different levels of output. Pizzas sell for $20 each.Number of Pizzas Per DayFixed Cost ($/Day)Variable Cost ($/Day)050002550015050500250755004501005008501255001,650 When the pizzeria makes 100 pizzas a day, its fixed cost is ________ and its total cost is ________.
A. $350; $850
B. $850; $1,650
C. $500; $850
D. $500; $1,350
Answer: D
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Which of the following best describes the effects of unions in the United States today?
A) The average union worker works more hours but earns a lower annual income than the average nonunion worker. B) The average union worker works fewer hours but earns a higher annual income than the average nonunion worker. C) The average union worker works more hours and earns a higher annual income than the average nonunion worker. D) The average union worker works fewer hours and earns a lower annual income than the average nonunion worker.
For a monopolist, there is no supply curve because
a. the supply curve is the same as the marginal cost curve b. the monopolist does not maximize profit c. the quantity supplied is independent of marginal cost d. the quantity supplied is independent of demand e. there is no unique relationship between price and quantity supplied
At the end of 2013, the Fed was buying about $100 billion of securities per month, a much higher amount than normal. These purchases would ________ the value of the dollar on foreign exchange markets thereby ________ U.S. exports.
Fill in the blank(s) with the appropriate word(s).
What are the primary effects of cost-push inflation?
A. It raises real output but redistributes a decreased level of real income. B. It raises real output and redistributes an increased level of real income. C. It reduces real output and redistributes a decreased level of real income. D. It reduces real output but redistributes an increased level of real income.