Refer to Table 8.2. If Sherry produces zero earrings, her total fixed costs are
A) $0.
B) $50.
C) $100.
D) indeterminate from this information.
C) $100.
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Suppose the demand curve for a product is represented by a typical downward-sloping curve. Now suppose the demand for this product decreases. Which of the following statements accurately predicts the resulting decrease in price?
A) The increase in price is not affected by the elasticity of the supply curve. B) The more elastic the supply curve, the smaller the price decrease. C) The decrease in price will always be proportional to the magnitude of the demand shift. D) The more elastic the supply curve, the greater the price increase.
Observations of inflation in the 1970s prompted what further addition to the Phillips curve?
A) price shocks B) expected inflation C) personal consumption expenditures D) all of the above E) none of the above
If the graph shown is displaying a competitive labor market:
A. D would represent the workers' demand for jobs at each wage. B. Q* would represent the equilibrium wage. C. P* would represent how many people are employed in the market. D. Q* would represent the equilibrium number of workers in the market.
The net balance of payments is
A. The difference between exports and imports. B. The difference between the current account balance and the capital account balance. C. The sum of the current account balance and the capital account balance. D. The sum of the current account balance and the trade account balance.