In the following graph, the price of capital is $100 per unit; the price of labor is $25 per unit. When output is 20 units, what is AVERAGE cost?
A. $7,000
B. $350
C. $700
D. $3,500
E. none of the above
Answer: B
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Why may the debt crisis be only "sleeping" rather than "dead?"
What will be an ideal response?
If population growth is greater than the growth of real output
A) real per capita Gross Domestic Product (GDP) growth will be less than the growth of real Gross Domestic Product (GDP). B) the production possibilities curve is shifting to the left. C) real per capita Gross Domestic Product (GDP) growth will be greater than the growth of real Gross Domestic Product (GDP). D) real per capita Gross Domestic Product (GDP) and real Gross Domestic Product (GDP) will be growing at the same rate.
Economies of scale do not exist in the presence of indivisible setup costs.
Answer the following statement true (T) or false (F)