Refer to Figure 8.2 above. The total fixed costs for The Barber Shop are $3,000. If The Barber Shop produces 300 hair cuts, the average fixed costs are
A) $.20.
B) $5.
C) $10.
D) $100.
C) $10.
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If the public switches from using cash for most transactions to using checks instead, then all else equal, the money supply will:
A. not change. B. decrease. C. either increase or decrease. D. increase.
Property rights are social facts because
A) they are created and enforced by government. B) they are widely distributed throughout society. C) they depend upon other people's acceptance of corresponding obligations. D) they must be held in common to be effective.
The employment-to-population ratio is
A) 67 percent. B) 64 percent. C) 50 percent. D) 62 percent.
Long-term contracts:
A. reduce transaction costs and increase flexibility. B. can reduce opportunistic behavior. C. increase transaction costs and increase opportunism. D. increase transaction costs.