The Lawn Ranger, a landscaping company, has total costs of $7,000 and total fixed costs of $5,000. The Lawn Ranger's total variable costs are
A. $2,000.
B. $3,000.
C. $5,000.
D. indeterminate because the firm's output level is unknown.
Answer: A
You might also like to view...
The supply of labor is defined as the relationship between the real wage rate and the
A) amount of jobs supplied by firms. B) quantity of labor supplied by households. C) quantity of labor supplied by firms. D) amount of jobs supplied by households. E) equilibrium quantity of employment.
An increase in the Japanese interest rate will ________ the demand for dollars and lead the dollar to ________
A) increase; appreciate B) increase; depreciate C) decrease; appreciate D) decrease; depreciate
Which of the following is not a common characteristic of oligopolistic firms?
a. high barriers to entry b. mutual interdependence c. a large number of sellers d. nonprice competition
When OPEC raised the price of oil in 2000 (gasoline prices were $2 per gallon), it contributed to
a. demand-pull inflation b. cost-push inflation c. demand-push inflation d. cost-pull inflation e. cost-push deflation