Sonia opened a yoga studio where she teaches classes and sells yoga clothing. Variable costs for Sonia's yoga studio include the cost of the (i) tank tops. (ii) wages paid to the other yoga instructors. (iii) lease on the studio space. (iv) insurance that the landlord requires Sonia to carry for the studio
a. (i) only
b. (i) and (ii) only
c. (iii) and (iv) only
d. (i), (ii), (iii), and (iv)
b
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When existing firms leave a perfectly competitive market, it causes:
A) an increase in the profitability of existing firms. B) a decrease in the profitability of existing firms. C) a right shift in the demand curve of the good being produced by the firms. D) a left shift in the demand curve of the good being produced by the firms.
When demand is price inelastic,
a. price and total revenue move in the same direction. b. price and total revenue move in the opposite direction. c. total revenue increases whether price goes up or down. d. total revenue decreases whether price goes up or down.
Data from the Bureau of Labor Statistics show that apparel makes up 14 percent of the typical consumer's budget
a. True b. False Indicate whether the statement is true or false
The labor-supply and labor-demand curves for the market intersect:
A. at the equilibrium wage. B. at the number of unemployed people in the market. C. above equilibrium price. D. All of these statements are true.