To maximize cartel profit, the members must allocate output so that the marginal cost for the final unit produced by each firm is
a. identical
b. unequal
c. negative
d. equal to the firm's average total cost
e. maximized
A
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Which of the following areas employed more workers as of 2016?
A. Educational and health services B. Business and professional services C. Retail trade D. Manufacturing companies
Chuck owns a factory that produces leather footballs. His total fixed cost equaled $86,000 last year. His total cost equaled $286,000 last year. Hence Chuck's
A) total variable cost was zero. B) incurred an economic loss. C) total variable cost equaled $200,000. D) total variable cost equaled $372,000. E) None of the above answers is correct.
To determine the unemployment rate, the Bureau of Labor Statistics polls a sample population of _____.
(A) 50,000 families (B) 80,000 unemployed individuals (C) 80,000 families (D) 50,000 unemployed individuals
The function of money that allows individuals a method to compare the relative value of goods and services is
A. liquidity. B. store of value. C. medium of exchange. D. unit of accounting.