Total fixed cost is frequently referred to as
a. overhead.
b. depreciation.
c. opportunity cost.
d. marginal cost.
a. overhead.
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A market maker faces the following demand and supply for widgets. Eleven buyers are willing to buy at the following prices: $15, $14, $13, $12, $11, $10, $9, $8, $7, $6, $5 . Eleven sellers are also willing to sell at the same prices. If the market maker makes three transactions, what is his bid-ask spread per unit
a. $4 b. $5 c. $6 d. $7
If the Money Store earns a normal profit this year, its
a. economic profit is equal to its accounting profit b. economic profit is zero c. economic profit is equal to the average accounting profit in other industries d. accounting profit is zero e. accounting profit is less than its economic profit
When the Fed decreases the money supply, the interest rate
a. rises b. falls c. remains unchanged d. rises during recessions only, otherwise remains unchanged e. falls during recessions only, otherwise remains unchanged
Which of the following is NOT a characteristic of a typical indifference curve?
A. The curve shows all combinations of goods that give the consumer the same level of utility. B. The curve will shift out if income increases. C. As a consumer has less of a good, he is less willing to exchange less of it for one more unit of another good. D. The marginal rate of substitution is measured by the slope of the tangent to the curve.