Refer to Scenario 7.3. What is the total cost of producing 200 units of output?
A) 100
B) 1000
C) 1500
D) 2000
E) none of the above
B
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Counting part-time workers who are looking for full-time work as employed overstates the degree of joblessness in the economy
Indicate whether the statement is true or false
The Samuelson and Solow Phillips curve suggested a(n) __________ relationship between the rate of change in __________ and the unemployment rate
A) direct; real wage rates B) inverse; money wage rates C) inverse; prices D) direct; prices E) none of the above
A very high fixed cost and a relatively low marginal cost is associated with
A) every type of good or product. B) an information product. C) a persuasive good. D) an experience good.
A legal arrangement whereby a firm can hire only union labor is called
A) a union shop. B) a closed shop. C) a sweat shop. D) an open shop.