In the short run, average variable cost is always less than average total cost
a. True
b. False
Indicate whether the statement is true or false
True
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If there is a monopsony operating in the labor market illustrated in the figure above, the equilibrium wage and quantity of labor hired is
A) $15 and 50 hours. B) $10 and 100 hours. C) $10 and 50 hours. D) $5 and 50 hours.
"Satisficing" rather than "maximizing" primarily emerges under conditions where
a. information is costly. b. management lacks ambition. c. profit maximization is rejected on moral grounds. d. risk is minimal.
If the economy could produce 42 consumer goods and 12 capital goods, given the current production possibilities curve, the economy would be producing ___________________ (outside/on/inside) the curve.
Hypothetical Production Schedule for a Two-Product Economy
What caused 25,000 workers to be laid off in the boat industry?
a. the 10 percent luxury tax b. the 5 percent income tax c. the 15 percent real estate tax d. the 8 percent gift tax