Because the supply of a fixed factor is vertical,
A. the owners of the factor will accept all prices above zero.
B. only the supply of the factor matters for setting price
C. only the demand for the factor matters in setting the price.
D. the price will be set where the quantity supplied of the factor equals the quantity demanded.
Answer: D
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Indicate whether the statement is true or false
Refer to the figure below. What is the total amount of tax paid by Bart?
A. 0
B. 50
C. 15
D. 750
A total cost curve shows the ________ of producing each level of output.
A. optimal input combination B. maximum cost C. minimum cost D. marginal cost
A shortage occurs when there is an excess supply in a market.
Answer the following statement true (T) or false (F)