The upward-sloping portion of the short-run average total cost curve is caused by:
A. indivisible setup costs.
B. diseconomies of scale.
C. the presence of fixed inputs.
D. the absence of fixed inputs.
Answer: C
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Changing consumer taste and preferences, lawsuits, and competitive pressures adversely affect McDonald's sales
Indicate whether the statement is true or false
Mary is a homemaker while husband Jack works at the warehouse. The minimum salary Mary would take for a market-related job is $15,000 . She is offered a job at the office next to the warehouse for $25,000 . which she takes. Mary receives
a. $10,000 in differential rent b. $25,000 in wage-related rent c. $15,000 in wage-related rent d. $15,000 in differential rent e. $10,000 in wage-related rent
Refer to the graph shown.
Suppliers producing L will spend up to area(s) ________ to limit output to L.
A. A B. B C. A and B D. B and D
Related to the Economics in Practice on page 36: The results of the survey conducted by Esther Duflo and Abhijit Banerjee found that in extremely poor societies
A. all consumption decisions are made by the government. B. household choice plays no role in consumption decisions. C. the only consumption decisions in which household choice plays a role is in the consumption of biological needs such as food. D. household choice even plays a role in non-food-related consumption decisions.