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Kaitlyn and Larissa have formed a dog bathing and grooming business. The number of dogs they can bathe or groom in any given day is depicted in Table 2.1. As they groom more dogs, the opportunity cost of grooming additional dogs:
A. falls.
B. rises.
C. remains constant.
D. depends on the prices being charged.
Answer: B
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Refer to Cost of Production. The short-run average cost of producing 50 units of output per week is
The following questions refer to the diagram below. The wage rate is assumed to be $12 per hour, the rental rate is assumed to be $6 per hour, and capital is assumed to be fixed in the short run at 10 hours.
a. $3 per unit.
b. $3.60 per unit.
c. $5 per unit.
d. $2.77 per unit.
Which of the following expenditures is for an intermediate good?
A) The government buys new tires for its military vehicles. B) A U.S. tire firm sells new tires to Canada. C) General Motors buys new tires to put on the cars it's building. D) You buy new tires for your used car.
Under what circumstances are the marginal expenditure for an input and the average expenditure always equal? Where there is a
A) competitive buyer. B) competitive seller. C) monopoly buyer. D) monopoly seller.
When the economy is experiencing high inflation and high unemployment at the same time, then it is experiencing:
a. stagnation. b. deflation. c. reflation. d. stagflation. e. innation.