A brew pub is opening in a former warehouse. Its fixed costs include ______, and variable costs include ______.
a. its liquor license fee; payments for hops and yeast
b. wages and tips paid to staff; hiring a marketing service
c. utility payments; health inspection charges
d. brewery association dues; daily sales receipts
a. its liquor license fee; payments for hops and yeast
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If marginal profit is zero, then average profit is at a maximum.
Answer the following statement true (T) or false (F)
Traffic lights would be considered:
A. a common resource. B. a private good. C. a public good. D. an artificially scarce good.
An increase in the price of the output produced by labor will:
A. increase the supply of labor. B. decrease the demand for labor. C. decrease the supply of labor. D. increase the demand for labor.
Exhibit 9-8 Keynesian aggregate expenditures model
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In Exhibit 9-8, an increase in aggregate expenditures causes:
A. a movement down the aggregate demand curve from equilibrium real GDP $600 to equilibrium real GDP $1,000. B. a movement up the aggregate demand curve from equilibrium real GDP $1,200 to equilibrium real GDP $1,000. C. a shift of the aggregate demand curve to the right, causing equilibrium real GDP to increase from $600 to $1,000. D. a shift of the aggregate demand curve to the left, causing equilibrium real GDP to decrease from $1,200 to $1,000.