Felix deposited $500 into an account two years ago. The first year he earned 3 percent interest and the second year he earned 5 percent interest. How much money does Felix have in his account now?
a. $540.75
b. $540.80
c. $540.85
d. None of the above are correct to the nearest cent.
a
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When a perfectly competitive firm finds that its market price is below its minimum average variable cost, it will sell
A) any positive output the entrepreneur decides upon because all of it can be sold. B) nothing at all; the firm shuts down. C) the output where average total cost equals price. D) the output where marginal revenue equals marginal cost.
Macroeconomics is concerned primarily with
A) positive economics. B) production and prices in particular markets. C) aggregate economic variables. D) normative issues.
The demand for a product is more elastic
a. When it has few substitutes b. In the long-run c. When the expenditure on the product represent a small portion of the budget d. When the product is broadly defined
Average cost is
a. Total variable cost divided by total units produced b. Total fixed cost divided by total units produced c. Total cost divided by total units produced d. Equal to marginal cost