Suppose a firm's total revenue is $100 when it sells 10 units, and $110 when it sells 11 units. The firm, therefore, is a(n):
A. oligopolist.
B. perfect competitor.
C. pure monopolist.
D. monopolistic competitor.
Answer: B
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The term used to emphasize that making choices in the face of scarcity involves a cost is
A) substitution cost. B) opportunity cost. C) utility cost. D) accounting cost.
Investment in health and education
a. slows growth because it takes resources from growth-creating sectors b. is harmful because it encourages families to have children c. is beneficial because in improves the capabilities of the population d. is beneficial because it provides jobs for doctors and teachers e. none of the above
If a firm's output equals 10, product price equals $5.00, TFC = $8.00, and TVC = $60.00, then AVC would equal
a. $.80 b. $1.00 c. $6.00 d. $60.00 e. $8.00
The structure of the Social Security system is particularly advantageous to
a. blacks. b. those with life shortening diseases such as diabetes. c. groups with below average earnings and above average life expectancy. d. groups with above average earnings and below average life expectancy.