If the wage per unit of labor is $765 and the price of output is $5 per unit, then the optimal amount of labor to hire is
Suppose that production at a firm occurs according to the following schedule.
a) zero
b) at least one but less than two
c) between three and four
d) five
e) six or more
c) between three and four
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Start-up costs:
A. have no impact on the number of firms in an industry because they are sunk costs. B. are the one-time costs incurred when beginning the production of a new product. C. are inversely related to variable costs. D. are always greater than marginal costs.
A variable that tends to move at the same time as aggregate economic activity is called
A) a leading variable. B) a coincident variable. C) a lagging variable. D) an acyclical variable.
A major point of the Baumol-Tobin model of the transactions demand for money is that they show that the
A) demand for money is related to income. B) velocity of money is constant. C) fraction of income that people wish to hold in the form of money is constant. D) interest sensitivity of the demand for money is based on a transactions motive shared by most people.
The above figure is referred to as a(n)
A) trade-off curve. B) opportunity curve. C) production possibilities curve. D) scarcity-shortage curve.