Total costs equal
a. Fixed costs
b. Variable costs
c. Sunk costs
d. Fixed plus variable costs
d
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The agency problem can be avoided if
A) the firm is not subject to regulation by a government agency. B) the manager and owner can manipulate reported profit. C) the firm has positive profits. D) the goals of the owner and manager are aligned.
Penny, an avocado farmer, wants to purchase a new desk that has been priced at $150. Avocados cost $2.50 each, so Penny knows that the desk is equal to 60 avocados. This illustrates money’s function as a ______.
a. means of deferred payment b. store of value c. medium of exchange d. unit of account
________ of the payroll tax if labor supply is perfectly elastic.
A. Employers and employees will evenly share the burden B. Employees will bear the full burden C. Employers will bear the full burden D. If labor supply is perfectly elastic, there is no tax burden.
If the number of wine producers decreases:
A. the demand for wine increases. B. the demand for wine decreases. C. the supply of wine increases. D. the supply of wine decreases.