All the following are examples of variable costs, except
a. Labor costs
b. Cost of raw materials
c. Accounting fees
d. Electricity costs
c
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Which of the following types of mortgage loans became more common during the housing boom of the early-to-mid 2000s?
A) those with flawed credit histories B) thirty-year, fixed-rate mortgages C) prime Mortgages D) those with down payments of at least 20%
A cutthroat competitor will not lower their price because they believe that
A. their competitors will lower their prices too. B. their competitors will raise their prices. C. they will lose money. D. they will be accused of unfair competition.
Joe runs a business and needs to decide how many hours to stay open. Figure 2.2 illustrates his marginal benefit of staying open for each additional hour. Suppose that Joe's marginal cost of staying open per hour is $24. How many hours should Joe stay open?
A. 3 hours B. 4 hours C. 5 hours D. 6 hours
Compared with a monopolist, the demand curve faced by a monopolistically competitive firm is
A) more elastic. B) more inelastic. C) perfectly elastic. D) perfectly inelastic.