If a firm buys a delivery van for $18,000 and can resell it in 2 years for $7,500, the sunk cost is
A) $10,500.
B) $7,500.
C) $18,000.
D) $0.
A
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If the average productivity of labor equals the marginal productivity of labor, then
A) the average productivity of labor is at a maximum. B) the marginal productivity of labor is at a maximum. C) Both A and B above. D) Neither A nor B above.
The productivity standard for the distribution of income can be thought of as
A) rewarding people according to their ability to produce useful goods. B) benefiting only the least productive worker. C) proving that egalitarians are correct. D) rewarding only the wealthy.
Suppose over some period of time the money supply tripled, velocity was unchanged, and real GDP doubled. According to the quantity equation the price level is now
a. 6 times its old value. b. 3 times its old value. c. 1.5 times its old value. d. 0.75 times its old value
what happens when demand decreases and supply does not change
What will be an ideal response?