The formula for total fixed cost is
A) TFC = TC + TVC.
B) TFC = TVC - TC.
C) TFC = TC/TVC.
D) TFC = TC - TVC.
D) TFC = TC - TVC.
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Refer to Tax Problem. If the government imposes a $10 per unit consumption tax, then how much consumer surplus will there be after the tax.
Consider a perfectly competitive market were demand is Q = 100 - P and Supply is Q = P - 10. a. 600. b. 800. c. 1000. d. 1600.
Potential GDP is the level of
A) real GDP that the economy would produce if it was at full employment. B) nominal GDP that the economy would produce if it was at full employment. C) real GDP that the economy would produce if there was no inflation. D) nominal GDP that the economy would produce if there was no inflation. E) real GDP that the economy would produce if there was no unemployment.
The Coase theorem says that, if the appropriate property right is assigned to ____, an efficient solution to an externality problem will be achieved
a. the party causing the externality b. the victim of the externality c. the party that can avoid the externality at the higher cost d. either one of the parties involved
Comparative advantage explains how two nations can benefit from trade.
Answer the following statement true (T) or false (F)