Imagine that you are an entrepreneur, making designer t-shirts in your garage. Your total cost (in dollars) is given by the equation TC = 300 + 10Q, where Q represents the number of t-shirts you make. If you make 1,000 t-shirts, your average total cost is ________.
A. $1.03
B. $3
C. $10.30
D. $3.10
Answer: C
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Which of the following best describes the antebellum U.S.?
a. Immigration peaked in the 1820s and slowly decreased through the Civil War. b. Union membership grew consistently through the period and comprised a substantial portion of the working population by the Civil War. c. English wages grew relative to those of the U.S. d. The percentage of people living in urban areas in U.S. approximately tripled. e. The North had the most unequal income distribution because of its large increase in industry.
Most economists believe that the theory of rational expectations is
a. more correct in the long run than the short run. b. more correct in the short run than the long run. c. correct in both the long run and short run. d. incorrect because it is based on false logic.
In constructing a stable demand curve for product X:
A. the prices of other goods are assumed constant. B. the supply curve of product X is assumed to be fixed. C. money incomes are allowed to vary. D. consumer preferences are allowed to vary.
In Figure 26.1, the price under monopoly is 
A. A. B. F. C. P2. D. P1.