The accompanying table describes the relationship between the number of workers hired by a call center each hour and the number of calls the call center can make each hour. The call center has only 1 telephone. The telephone costs the firm $5/hour (regardless of how many calls are made), and each worker is paid $10 per hour.Calls Per HourNumber of Telephones Per HourNumber of Workers Per Hour11221461616182211024112 What is the total cost of making 6 calls an hour?
A. $40
B. $60
C. $30
D. $65
Answer: D
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Refer to the figure above. What is the price effect of a price increase from $3 to $5?
A) $200 B) $400 C) $800 D) $1,000
If firms in a monopolistically competitive industry are operating with economic losses, over time we would see
A) firms alter their advertising rates until they made at least normal profits. B) some firms exiting the industry, causing the market supply curve to shift to the left, raising price. C) some firms exiting the industry, causing the demand curves of the remaining firms to shift to the right. D) the firms working together to increase price and everyone's profitability.
The inflation rate is:
A. the percentage change in the overall price level. B. the central concept in microeconomics. C. a measure of the rate of increase in the cost of imported goods. D. is not something that can be accurately measured with the CPI.
Being the low price seller in the market is
A) the best place to be. B) not necessarily the best place to be. C) expected of large firms as they are subject to economies of scale. D) not as preferred as being the high price seller in the market.